Hi Tim,

Here's a few things I found off of Socrates on what a panic cycle is...

The Panic Cycle model represents whether an abrupt move is about to occur within the market. A Panic Cycle differs from a Turning Point or a Directional Change insofar as it reflects neither a high nor a low and it is not the beginning of a change in trend.

The Panic Cycle row represents a model that searches for instances of cyclical target dates or time units in which abrupt or dramatic market price movement takes place.

Given their abrupt or dramatic nature, panic cycles do not necessarily reflect changes in trend or a new high or low—they tend to align to short-term moves or temporary corrections.

When abrupt or dramatic price movements occur in a market, humans and automated trading systems are both prone to react in kind, amplifying the movement

Panic cycles that come to pass (that is, take place during time unit that has closed) tend to be one of the following:
A relatively dramatic price move in which it exceeds the previously-closed time unit high and penetrates the low from that previous time unit or vice versa.
A relatively fast, one-way price move, either exceeding a previous high or penetrating a previous low, but not both.