The phrontistery defines Bouclé as a fabric of uneven looped yarn. I think this pattern has that look--although with shading it can look like metal, or floats bobbing in the waves.
The pattern uses steps similar to Sez and Cadent. Like Sez, it tends to grow quickly, so give yourself some room. Don't worry about making the diamonds in between perfect--just make a diamond-like shape in whatever room is left after you circle your circles.