Sorry that the first 10 seconds are shady japanese yogurt commercials, last time I looked the videos were $300 on ebay reportedly because PTJ had gone around buying up all the tapes (maybe the glasses?)
even though technical analysis may not have any merit, many people do use it in their trading decisions. thus, sometimes it is worth paying attention to.
If you depend solely on technical analysis and you aren't a total pro, then it won't work. For most people it should part of their overall trading strategy.