Time is elastic true. Einstein pointed that out with his theory of relativity. Objects at different speeds to one another experience a different sweep of time however time travel from a stationary point of reference realative to every other individual on earth is not possible. Time slows as an object approaches light speed relative to the traveller thus preventing their ever reaching the speed of light itself.
Conceptually if they had reached lightspeed, time for them would stop. Relative to the universe it would no longer exist as relative to earth time is accellerating.
Therefore time although elastic remains progressive in one direction. It cannot be inverted, or as time is a dimension much like the X,Y,Z axis of space the universe itself would run backwards in time. Like hitting rewind on a tape recorder, your in the tape you cannot be exempt from this effect.
This is my opinion anyway
Oh nearly forgot
The lag experienced by the brain from its organs of perception and the lag experienced by the actuators of your body from the brain is just simple physics at work...
Like it or not, you are a biological machine. So this effect is pretty much the same thing as the lag between peripheral devices on your computer. Its not true time travel.
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I dont remember drawing any similarities between brain processing or storing powers in comparison to a computers. I simply stated that the electrical impulses sent from organs of perception to the brain are much like the electrical impulses from computer peripherals to the CPU.
Our nerves are connecting cells attached via long arms known as axons. These axons are coated with a substance known as dopamine which contains conductive properties to help pass electrical impulses along the chain. as such a signal from the eye sending electrical signals down this nerve chain is not dissimilar to a copper wire travelling from a webcam to a CPU.
The both are dependent on electrical current and as such both are subjected to the physical laws applied to electricity. In otherwords they both experience lag. This is also true of the example of brain signal to leg and computer signal to monitor.
For cognative prediction this is data being generated based on previous experience.. Not unlike a weather forcasting application. This attempts to predict the weather for the week by comparing current conditions to those recorded through history.
Humans predict future events also from past experiences, which is why we get better with practice.
Both applications of this theory become more accurate with larger amounts of data. Historical weather phenominon for computers and practice for humans.
Neither machines are true time machines but marvels of logic and statistical analysis, remember time cannot run in reverse so if your mind jumps forward then its escaped you. It cannot return to its original reference point in time.
Time is linear however it can be stretched or compressed.
As for consciousness, this is a little outside the scope of the nature of time. Granted we are conscious and the computer is not this still does not effect the limitations time places on us thus this is why it is outside the scope of your question.