RAINFLOW CYCLES, MARKOV CHAINS AND ELECTRICAL CIRCUITS Igor Rychlik, Matematisk Statistik i Lund Rainflow cycles are often used to describe variability of loads and stresses relevant for fatigue of metals. To each cycle there is attributed a damage, and the total fatigue damage due to a load is the sum of individual damages caused by rainflow cycles. For random loads computation of expected damage intensity is difficult. However, conservative bounds for the damage intensity can be derived from the upcrossing intensity. In the special case of Markov loads the explicit formulas for the oscillation intensities, which is a one to one function of a rainflow matrix, are known. Here the formulas are derived using the equivalence between currents flowing in suitable electrical circuits and the oscillation intensity. An inverse problem, that is obtaining a time serie for fatigue testing, from a measured rainflow matrix is also adressed.