Psychoanalysis is a specific technique characterized by multiple weekly sessions, and a focus upon transference. Free association and the use of the couch are variable.
Psychoanalytic theory, refers to a diverse set of theories which postulate different etiologies of pathology and different structures of the mind. These theories can include: classical Freudian, neo-Freudian, ego psychology, self psychology, Lacanian, interpersonal psychology, object relations, relational psychoanalysis, etc. All have different ideas and foci.
This is still taught in psychoanalytic institutes across the nation. 2-4 years of extra training.