In this work we present estimated results of the Morlet wavelet analysis from the modulation of relative cosmic ray intensities, sunspot numbers, modulation potentials variabilities registered by Moscow and worldwide neutron monitors (NM). Unlike the conventional spectral analysis the wavelet transform are suitable tool for description of non-stationary processes containing multiscale features detection of singularities and analysis of transient phenomena [P. Kumar, E. Foufoula-Georgiou, Reviews of Geophysics 35 (4) (1977) 385–412]. Methods such as wavelets should be very suitable, thus it can be applied to the problem under consideration. On the other hand this approach is not frequently used for cosmic ray time series. Solar modulation of cosmic rays and their possible effect on cloud cover is the most complex candidate and remains hardest to test. However the yearly averages of cosmic ray intensities registered by Moscow NM from 1958 to 2007 are investigated to verify and explore 11-year cycles and other structures. Besides Time series of solar activity indicators such as sunspot number have been studied over the period 1810–2000 with Morlet wavelet method. The modulation potential ϕ often parametrising differential energy spectrum of galactic cosmic rays (GCR) is also used in this work to characterise solar modulation of GCRs. We have investigated the series of yearly values of the modulation potential ϕ of [I.G. Usoskin, K. Alanko-Huotari, G.A. Kovaltsov, K. Mursula, Heliospheric modulation of cosmic rays monthly reconstruction for 1951–2004, Journal of Geophysical Research 110 (2005) A12108] since 1951–2004 using the data of worldwide NM. Main results of the wavelet analysis and reconstruction suggest that the maximum of Morlet decomposition coefficients was found around the main 11–12 year cycle. However we have found for both solar activity indicator: the sunspot number and modulation potential a dominating period around 12–15 years. Magnitude of cycles is not absolutely the same but vary from cycle to cycle. The attempt of extrapolation has shown other periods of about 20–22, 27–30 years after the year 2007.