                    THE INTERPLAY OF CYCLES WITHIN CYCLES
The key to trading with cycles is  an  understanding  of  the  interplay  ofcycles within cycles. Almost all trading cycles have a ½ trading cycle  (seefollowing illustration). A 20-day (bar) trading cycle has within it two  10-day (bar) cycles. One 10-day cycle begins as the  20-day  cycle  begins  andbottoms halfway into the 20-day cycle. As the first 10-day  cycle  ends  thesecond 10-day cycle begins,  and  it  ends  as  the  20-day  cycle  bottoms.Therefore, a 20-day trading cycle always  begins  and  ends  with  a  10-daycycle.