Sorry I don't use EQ (will in the future) so I can't give input on the specific question, but generally as my cycle progresses my ferritin goes low, RBC count up but size of the blood cells down. This repeats itself over and over after maany cycles. I am using up the iron I have until I have too many red blood cells to which there is not enough iron to make them grow in size, and end up with a lower hematocrit at the end of the cycle vs start. Then during the health phase iron stores build up again as does the size of the blood cells so hematocrit goes up while RBC slowly goes down, it takes time for red blood cells to die. Seems with many replies in this thread that this is common with EQ too, probably due to the same mechanism.
A friend of mine with different heritage and genetic traits, specifically the type who has excess iron and excess blood regardless of AAS, has not the same pattern on/off cycle as me.