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Earl,
The back adjusted and the non adjusted charts look
quite different in this case.
On the back adjusted chart, there is an important
bottom in 1987, and things proceed from there as
you describe them.
On a nonadjusted chart, the rising bottoms start
in 1985, then 1986 and 1987. On the nonadjusted
chart, the bottom in 1991 matches the current
bottom quite closely. Also the rounded bottom you
refer to on the adjusted chart (I see it clearly
there) is not as convincing on the nonadjusted
chart.
This is not to argue the sugar long or short, but
merely to point up the distortions back-adjusted
charts can produce.
Perhaps some RTer could post a chart with both the
backadjusted and the nonadjusted charts. I have
them, but don't know how to post charts.
Philip
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