1. Time-Frequency Localization
Fourier analysis provides more flexibility for signal and image processing and offers more insight into the signal characteristics
Uncertainty principle dictates that Fourier analysis is unable to simultaneously capture both time and frequency localization.
One solution to such problem is to apply short time(dynamic) Fourier transform, when signals are divided into many small windows.
Wavelet transform is able to capture both time and frequency localization through dynamic bases.
2. 1D Continuous Wavelet Transform
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