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We may use the Continuous Wavelet transform to analyse data at different scales and positions. In this work we apply Spector and Grant’s method to estimate the depths to the top and bottom of the magnetic anomalies causative sources by calculating the power spectrum using the 2D Morlet wavelet at different central wavenumbers. A 3-D scalogram is obtained by averaging the CWT power spectrum over rotation angles, so forming a Fan. The scalogram is locally analyzed to select the suitable scales for depth estimation. The method was tested by synthetic data of a two superimposed prism and a real magnetic anomaly of Macomer from the aeromagnetic anomaly map of Sardinia, Italy. The results are in accordance with the true parameters and known information of the sources.