While broadly your assessment is correct, we need to find tune this a little more. Let us first look at what fundamental analysis all about. Fundamental Analysis seeks to forecast cash flows of a company based on how the economy, industry and the company will perform. Once the cash flows are projected, they are worked backward to a present value. This gives an idea of what a stock is actually worth. You buy underpriced stocks and sell overpriced stocks. Technical Analysis on the other hand, focuses on internal market data. The focus is more on identifying patterns and trends that will repeat and which the trader can capitalize on.

You will be surprised to know that technicals analysis techniques like Dow Theory can be used to project markets for as long as 30-40 years. Charts can be long term too. In terms of intent, fundamental analysis tells you what to buy while technicals tell you when to buy. It is the timing of entry and exit that technicals are most useful in. Remember the basic difference. Fundamental analysis seeks to predict the value of the stock. The price is not a controllable factor but fundamental analysis does believe that in the long run the price will converge towards value. So if you buy a quality stock that is undervalued at an early stage then you can make profits. The technical analyst is not overly worried about cash flows and valuations. They believe that the price reflects everything. As long as you can catch the trend and ride it long enough, you will make money in the stock market.