“…However, in dealing with non-linear situations where data is not a linear function of time, Box-Jenkins methodology is inappropriate [ 3 , 7 , 23 , 33 ]. For accurate forecasting of non-linear data, wavelet analysis is a magnificent tool that is capable of diagnosing high-frequency components in time series data [14,15,17,29,34,36,42] . Discreet wavelet transformation involves decomposition of time series at different scales, and each component series can be treated for forecasting purpose [ 25 , 38 , 40 , 44 , 49-51 , 53 , 59 ].…”