I believe the "oscillation" is over a much longer time period. Like sixty or seventy years. Which is, for all practical purposes, equivalent to a trend if we're trying to deal with the next twenty years.

Here's one article.
Exactly. What I see in the picture is an oscillation with maxima around 1880, 1950, and 2020(?), and minima in 1915, 1975, or thereabouts. That's roughly a seventy year period. However, each peak looks higher than the last, and the second minima is much higher than the first.