Technical Analysis is mathematical analysis of the market based on price action, but not the fundamentals of supply, demand, costs of production, and hundreds of other important factors (fundamental analysis). Many people will tell you Technical Analysis does not work. I disagree. If you understand its limits, it works quite well.
Do I completely trust technical analysis? Certainly not! I want to know as much as I can about any market I trade, whether it is gold, wheat, an oil stock, or the S&P 500 index, and that includes as many fundamentals and as much relevant technical analysis as possible. How many times have you heard commentators examining the same data, and yet producing different interpretations – one saying buy, and one saying sell? The same can be true in technical analysis. One analyst sees one facet of the market and values it more highly than others and consequently may disagree with the next analyst. It is a bit like art – in the eye of the beholder. Find what works for you.