I have a question related to wavelet transform: we know that while the Fourier transform is good for a spectral analysis or which frequency components occurred in signal, it will not give information about at which time it happens. That's why the wavelet transform is suitable for the time-frequency analysis. It is also good for signal denoising, but of course it has some disadvantages.
So I would like to know what are main advantages of the wavelet transform? Is it good for spectral estimation; like finding amplitudes, frequencies and phases, or it just helps us to find discontinuous and irregularities of a signal?
Thanks in advance