Your device is bricked... You should be able to reflash the eMMC and the firmware..Just follow the steps in the wiki and ignore what's happening on the phone...
When you're done with both flashes it should power on.



I had almost the same issue before I returned my phone for reboots but I managed to flash it

When the cycles happen take off the battery to turn off the device... put it back on without turning on the device...
You should then flash it.. when you plug the device to your computer's USB it will turn on and try to turn on and cycle...
However, you should flash it as soon as you plug it in... and keep pressing the u button while plugging it...
Flash the eMMC then the firmware
The phone should restart and turn on