Honeycomb Double Knit

This honeycomb pattern is actually a double rib stitch that is alternated after every 5th row (you can use 3 rows or 8 rows depending on the pattern you want to achieve). If you knit back and forth without alternating you just get straight rows of double ribbing.

You wrap the loom in this U-shape configuration and do the same knit over.

The end effect is this beautiful honeycomb pattern that is stretchy.