Sometimes, I will hear about how technical analysis is BS. It's interesting, because I think many have different definitions and expectations of technical analysis. To me, its simply observations derived from price action. Everything else, all the technical indicators, Fibonacci projections etc. are based on history price action. Plus, I don't use it to predict per say. I use it to help me understand the market and to help me make decisions regarding price levels, timing etc. In trading, it might be foolish to rely solely on historic patterns we find in price action and its derivatives. But it is equally foolish to ignore observations of historic price action and implications of current price action relative to recent past. When it comes down to it, I think of technical analysis as simple tools, like the magnetized needle. Now, the ones creating algorithms for high-frequency trading, they go in. I simply look at price action and a couple of indicators that help smooth out historic price action. I understand the limits of technical analysis, and I think that is why I don't think its BS, since I am not expecting the magic 8-ball here.For example, let's take a look at the chart of silver a week ago:The observation and the title of that article was: Silver (XAG/USD) - Bears Take OverThere were only a couple of key observations:1) General price action since 2016 is still bearish though choppy.2) Strong bearish price action cracked a rising trendline.There was another key point:"However, if we just look at bullish price action versus bearish price action, we can see that bearish price action has been more swift. Meaning, there's been a pattern of choppy bullish or sideways price action followed by sharp bearish price action."Take a look at price action from the 3/9 session:Silver (XAG/USD) Daily Chart(click to enlarge)Swift Action:- Since the previous update, XAG/USD has dipped sharply. - The bearish outlook materialized AND followed the pattern of sharp downside swings after choppy bull runs. - We anticipated some support around 17.20, but price plowed through.- The 16.55 area and then the 16.10 area could provide support before price slides to the 2016/2017 lows around 15.65. - Because the prevailing trend since at least mid-2016 has been bearish, we can even anticipate a new low to around the 15.00 handle.