Step 1:

Pick up 10 delica beads.

Step 2:

Pick up 1 delica bead, and skipping the next delica, pass through the next bead.

Repeat step 2 until you come to the end of the row.

…

…

…

Step 3:

To turn around to start a new row, pick up 1 delica and pass back through the last bead added.

Repeat step 2 to continue your row.

…

…

…

Repeat step 3 to begin a new row.

Repeat step 2 to continue adding your row.

…

…

…

This is what it should look like so far.

Step 4:

Now we begin decreasing, but first we must get into the proper position. Pass your needle down through the beads shown.

Now pass up the beads shown.

And once again pass down the beads shown. You are now in position to begin decreasing your peyote stitch.

Repeat step 2 to continue your decreased row.

…

…

…

Step 5:

For each decreased row, we must first get into position. Pass down through the beads shown.

Pass up through the beads shown.

And pass down through the beads shown. You are now in position to begin your next decreased row.

Repeat step 2 to continue your decreased row.

…

…

Step 6:

We must get into position again. Pass up through the beads shown.

Pass down through the beads shown.

Pass up through the beads shown.

And pass down through the beads shown. You are now in position to continue adding decreased rows.

Repeat step 2 to continue your decreased row.

…

Step 7:

Once again, we must get into position. Pass down through the beads shown.

Pass up through the beads shown.

Pass down through the beads shown.

Repeat step 2 to add your final decreased row.

And you are finished!