Precipitate Drenched Drape of the Sagacious
The "Precipitate Drenched Drape of the Sagacious" is a Mastercrafted cloak from the Forgemasters Tailoring Studies recipe book from Thurgadin. (You must have enough faction to purchase the book). The rare is a Frozen Shard of Magic (which I bought off the broker).
Oh. the cloak does have flowing or shimmering effect in the blue area, like a water fall.