My view of technical analysis is that it is somewhat useful in the short term to find sound entry or exit points as well as to predict the degree of price movements when technical trigger points are met. 

So whether we are taking about a channel, cup, flag, or head and shoulder type pattern, a good technical analysis can be helpful for predicting to what extent a stock price may move in the future once the technical conditions have been met.  

However, technicals are no substitute for fundamentals.  And so it will be a fundamental event that happens to trigger the stock to move technically speaking.  Then, thru texhnical anaylsis, one can somewhat reliably predict the next price level accordingly.  

So to me, technical analysis is complimentary to the fundamentals in the short term and therefore shouldn't be discarded, it's just that left to its own devices, it needs the fundamental to drive it and not the other way around. 

For what it's worth,
10BagR