Disclosed are multiphase oscillators comprising a plurality of delay stages serially coupled in a loop by a plurality of nodes, with the loop being folded to provide two concentric rings of delay stages with equal numbers of allocated nodes. A second plurality of negative-resistance elements are provided, each element having a first output coupled to a node on the first concentric ring and a second output coupled to a node on the second concentric ring. Each such output switches between first and second voltage levels, and provides a negative resistance to a signal coupled to it during at least a portion of the transition between voltage levels. The outputs of an element switch to opposite voltage levels. With this construction, a high-voltage pulse propagates around the loop of delay stages, with a low-voltage pulse propagating behind it. Also disclosed are circuits to control the direction of pulse propagation.