I'm analysing time series and have a question related to the dependency between the elements. Lets assume I have a time series and want to extrapolate future values. For this purpose I want to know if the time series can be estimated by using specified patterns or if the upcoming values are mainly influenced by the latest values of the time series.
My idea was to analyze the correlation beween $x_{n}$ and $x_{n-k}$, where k belongs to a specified set of indices.
Honestly I'm not really concinced by this idea. Does somebody know a different methodhelping me with this issue.
Kind regards
Bernhard