Wavelet module allows to visualize the appearance and disappearance of cycles in financial data. The advantages of this approach are:
1) you can see the whole life cycle of "cyclical mode", i.e. to see how the cycle was born and how it died;
2) you are able to reveal the newly appearing cycles as early as possible.
Yellow horizontal stripes on the diagram below represent the periods when X cycles are active. Thus we should be especially attentive when new horizontal stripes appear, they correspond to the moments when new cycles appear.
More about this module is here: http://www.timingsolution.com/TS/Study/Classes/wavelet.htm