Let me try to break down the Tyrdda Bright-Axe Saga, then briefly explain my interpretation.
First stanza:
Tell the tale of Tyrdda Bright-Axe, mountain maker, spirit's bride: (I believe the spirit, her leaf-eared lover, is Mythal, also can be interpreted as a parallel to Andraste, the Maker's bride)
Free, her people, forged in fastness, made in mountains, hardy hide. (This is a resume of the whole Saga, Freed from Thelm, made strong from their journey, where they reached the mountains with hardy hides)
Wise in wisdom, calm in counsel, great in gifts her grateful guests, (This is a resume of the whole Saga, Dwarves are the grateful guests)
Sacrificed she did to spirits, took their teachings, followed quests. (This is a resume of the whole Saga, her elf-eared lover is the spirit that taught her, which I believe is Mythal)
Bright her axe, unbreaking crystal, stirred to flame when temper flies, (we learned that axe is actually "hafted weapon", in this case, a staff)
Gifted from her leaf-eared lover, laughing lady of the skies. (Lady of the skies and leaf-eared lover, both seem to indicate Mythal)
Bested blades of all who tried, Maiden, spurning all requests, Tyrdda Bright-Axe, Dreamer's Eyes. (I believe Dreamer's eyes is literal, meaning Tyrdda was a dreamer, which is how Mythal came to know her).
Avvar-Mother, of her making. (Avvar-Mother... as Mythal is proclaimed to be the All-Mother to her people, so to is Tyrdda to her tribe).
Second stanza:
Thelm Gold-Handed, fingers greasy, jeweled rings with glitter shone, (This describes his character, greedy, sleazy and arrogant)
Took in tribes in times of trouble, fed them fat to weaken bone. (This further demonstrates his character, he used hardships to win the tribes' favor, gave them what they needed and wanted in order to gain their trust and weaken their resolve).
Warriors great and great in number, sun-kissed swords to fight his wars, (his followers were formidable and also of great number, they fought during the daylight without resorting to subterfuge, given their numbers and leaders' pride).
Drake-scaled shirts their bodies covered, heart-wine stained the salty shores. (They moved closer to the northern sea, still living in debauchery, the way Thelm wanted them to stay).
Told his tribes a tale of treasure, over sea to north it gleamed, (self-explanatory)
Whispered words to drive the droves to golden city where he dreamed. (It would seem Thelm was also a mage and potentially was a dreamer. The whispers he heard seem to be from the Old Gods who wanted him to breach the Golden City from the fade).
Counseled quick in dreams alone, Voices wiser man ignores, (It would seem other beings tried to dissuade these actions, though Thelm wouldn't listen).
Pushed the tribes until they screamed, Heed the dreams and cross the Waking. (Thelm pushed his tribe forward, he went too far, his obsessions led to their suffering. "Heed the dreams" is self-explanatory, he listened to the whispers, "cross the waking" I believe is in reference to the waking sea, it could also allude to the fade, "The whispering entities" crossing the veil to reach the waking.
Third stanza:
Honey-tongued was Thelm to Tyrdda, gifts of gold and steel to start, (Thelm tried to buy Tyrdda's favor, telling her what she wanted to hear, gifting her with weapons and gold much like he did with other tribes).
Wanted Tyrdda's men for warriors, stolen tribe from stolen heart. (stolen tribe from stolen heart I believe refers to Thelm wanting to take her men, whom were loyal to Tyrdda, meaning they followed her because they respected her as a warrior and leader, rather than because they were bought).
Cold, her tribe, the Gold-Hand counseled, lean from winter's wind-knife chill, (again Thelm is trying to do the same as he did with the other tribes, "took in tribes in times of trouble, fed them fat to weaken bone").
"Be my bride and cross the Waking, eat the gilded city's fill." (Here Thelm is trying to convince Tyrdda of the riches that await them across the Waking sea telling her they'll find all they need there, together).
Tyrdda Bright-Axe, fraught with fury, crystal axe-head stirred to blaze, (Tyrdda's staff blazes, channeled through her emotions)
Heeded well her leaf-eared lover, unabashed by lustful gaze. (Mythal counsels her against trusting Thelm, she sees right through him).
"None shall break my tribe apart, Not with demon-words that kill, (It would seem that Mythal also told Tyrdda that these "whispers" Thelm heard came from demons).
"Fear my fury's fiery rays, Dream-words lie, their thirst unslaking." (The whispers heard from the Fade were lies, from beings who's desires & thirst are unquenchable).
Fourth stanza:
Tyrdda Bright-Axe, Thelm Gold-Handed, battle brought with blade and ax, (a battle fought on all fronts, with "might and magic")
Thelm in mail and shields of silver, shining sheen to turn attacks. (given Thelm heard the whispers, I'd assume he was a mage as stated above, the shields of silver might be a reference to this given it didn't say "shield" of silver instead of "shields". Shining sheen might be an effect of a protective spell that reflected attacks, like Tyrdda's fire spells. However, this could also alude to his soldiers protecting him, using their shining shields of silver to deflect fireballs).
Blade of dragonbone, now blooded, warrior throats wrung raw with cheers, (The fight is over, blood has been spilled and the victors are cheering as the last of their enemies are killed)
Tyrdda stands, her bright ax blazing, leg still weeping battle-tears. (Trydda's leg was injured and is still bleeding yet she stood steadfast)
Bright the ax of leaf-eared lover, laughing lady of the skies, (Mythal was also involved in the fight, her staff still shining like Tyrdda's).
Fire flares as Thelm Gold-Handed, honey-tongued, repeats his lies. (Tyrdda's emotions are raw, and as Thelm speaks his lies fire emerges from her staff, whether to ready her attack or strike a final blow is undetermined).
"North to warmth, and golden cities, Whispers speak in Dreamers' ears!" (Thelm repeats to Tyrdda what he was promised by those who whisper).
Silver scorched, the liar flies On raven's beaks, to dream unwaking. (This part is very interesting. Silver scorched is probably referencing Thelm's armor, though it could also mean he was scorched by silver, perhaps a spell cast by Mythal, as her staff as also glowing. flies on raven's beak seems to simply be a reference to him dying. Given they used raven's as a symbolism for death, this would mean that Elvhen beliefs were present when this was written, as the raven's reference Dirthamen. As Dirthamen also symbolizes secrets and knowledge, it could imply that Thelm's whispered secrets and knowledge where carried away with him. It could also reference what the raven's represent directly, fear and deceit. The last part "to dream unwaking" is also very interesting. It seems to allude to the fact that he never reached his destination and never will, but it also implies that he was sent where those who deceived him were trying to escape from, ironically, in The Fade, never able to return.
Fifth stanza:
Tyrdda Bright-Axe, bold and bloodied, took her tribe from placid plains, (Tyrdda led her tribe away, far from where Thelm wanted to go, from flat terrain to mountainous terrain).
Tribes with blades by farming blunted chased and fought, their parting pains. (Her tribesman were battered and beaten from all they faced, warring and farming, running and fighting).
To the mountains, shorn of shelter, snow-slickedpeaks gave wind its bite, (As they moved forward, they reached snowy peaks and needed shelter from the cold and probably snowstorms).
found a cave to save her tribe, but dragonfire lit the night. (they found a place to rest, but unfortunately it was a dragon's lair).
Beast no blade could break came roaring, mountains slipped their winter gown, (a very powerful dragon, most likely a high dragon, who's roar created an avalanche)
Tyrdda shouts to leaf-eared lover, "You I chose above a crown!" (Tyrdda is asking for Mythal's help, for whom she threw away the chance to become Thelm's queen).
Lightning split the spitting rains, Sundered over prideful heights, (Mythal obliged, helping Tyrdda fell the dragon with lightning)
Dragon fell in rubble down, Crashed and crushed in earth's mad shaking. (The dragon was big and made quite an impact as it fell from the mountains and hit the ground, causing the earth to quake).
Sixth stanza:
Tyrdda Bright-Axe, proud her tribe, free from fallow fat below, (Tyrdda is proud of her tribe's accomplishments. They left on their own and accompanied her through hardships, which led them away from Thelm's tribes and their ways of decadence, greed and weakness).
Built in battle, fed on fighting, strong from struggle did they grow. (as above, their way of life and the hardships they faced made them stronger).
Deep in caves, the stone-men tribe, Hendir's warriors, stout and strong, (Self-explanatory)
Met the tribe with axes ready, armor gleaming, sword-blades long. (Also self-explanatory)
Spoke with Tyrdda did her lover, gentle whispers soft she made, (Mythal spoke through Tyrdda, whispering to sooth tensions generated by the dwraves and Tyrdda's tribesman. Whether this was facilitated through a spell of some kind is debatable, Mythal might have just been a gifted diplomat, though at this point we don't know whether the Dwarves are under the Titans' influence).
Dwarven hearts were sundered, simple, still with honor. Thus she bade: ("hearts sundered" is what influences my statement from the above line. This could either mean that Mythal's words touched the Dwarves on an emotional level or that she somehow broke their connection to the Titan that was controlling them. the "simple, still with honor" part is what makes me suspicious. Was this a reference to how the Dwarves behaved when linked with Titans? Much like the Elvhen writing describes "pillars of the earth" and "their workers", witless and soulless.
"Let the tribe the dwarf-men know, In their caves, where they belong, (Mythal felt sympathy for the Dwarves and even if she told them they belonged, underground, meaning that they weren't to infringe on Tyrdda's territory, she did so with diplomacy in her heart).
Not with battle but with trade, Hendir's dwarves, give peace unbreaking." (As above Mythal/Tyrdda brokered a peaceful relationship with the Dwarves that was mutually beneficial. This lead to trading rather than battle).
Seventh stanza:
Tyrdda Bright-Axe, Dwarf-Friend Chieftain, with her leaf-eared lover lay, (Tyrdda slept with her lover, but this part is interesting, it's been ambiguous throughout the ballad whether the leaf-eared lover is a spirit, is bonded with Tyrdda like Flemyth and Mythal or is a separate figure, an actual elf presumably bonded to Mythal).
Woke she did to love-sweat morning, lover gone in light of day. (Again this brings up the same question, this seems to imply the leaf-eared lover was actually a separate person, though it could easily be interpreted as Mythal's essence leaving Tyrdda's body. Their relationship could be experienced through The Fade when Tyrdda is sleeping which would explain her surprise when she wakes up and her lover is "gone". It would be a very weird relationship to have however, if you shared the same body as your paramour physically, but experienced the relationship as separate entities when in The Fade. I guess it would be an extremely intimate relationship however and given we don't know the dynamics behind such a union I'll end my speculation on the subject here, it's getting weird again 
)
Dream-words whispered, spoken soft, still the silence crushed and crashing, (Here I believe Mythal is basically explaining why she can't be with Tyrdda, effectively breaking up with her, speaking to her from The Fade. Kind of a shitty move, like breaking up with someone on the phone.. but Mythal probably thought that Tyrdda would try and stop her, so I understand why she'd do it this way. Of course Tyrdda is devastated. The silence crushed and crashing could refer to Tyrdda's emotional reaction or it could also reference her feeling after losing Mythal's essence, if she was in a Flemythal type situation).
Dead her tribe, unless a child could keep her line in warrior fashion. (Because of their traditions, Tyrdda needs an heir for succession. Whether Mythal was a spirit or had a body, she was a women and therefore could not produce children. Tyrdda needed a man for the sake of her tribe, in order to keep them united in strength.
Aval'var, so named the lover, called "our journey, yours and mine," Their journey was to be the foundation of their new tribe, what had made them strong, it was fit to be named as such and so, the Avvar were born. The name could indicate the elf was in fact a physical entity who either was bonded with Mythal or was perhaps an ancient Elvhen priestess).
One day child of Tyrdda's blood, Morrighan'nan, in strength must shine. (Another hint that Mythal was the lover, as she wanted Tyrdda's child to be named Morrighan'nan... Morrigan.)
Lover's whispers to obey, Hendir, dwarf-prince, friend in passion, (Hendir, a good friend of Tyrdda's was asked to be the man to sire her child)
Babe produced to serve the line, The Avvar tribe, her name, our taking. (The child would be the product of a Dwarven/human union, coaxed by an Elvhen god... interesting! The tribe would hold "her" name, theirs to keep.
Eighth stanza:
Tyrdda Bright-Axe, Avvar Chieftain, strong her tribe with dwarven trade, (Self-explanatory)
Battles brought to men and demons, won with wisdom, fire, and blade. (Tyrdda led her people to many victories, fighting men as well as demons using her wits and the teachings imparted to her by Mythal, her magic and her warriors).
Then did Tyrdda look to Hendir, dwarf-prince friend, children-giver, (After a long life leading her tribe, Tyrdda asked Hendir and her children to take care of the tribe, to choose a new chieftain for the Avvar people while she left to find what she was yearning for, love).
Took her freedom, Hendir glad, wished her what he could not give her. (Tyrdda left, to claim what she needed, what she wanted, Hendir understood her decisions and motivations, giving her his blessings and hoping she found what she was looking for).
Chose her child to stand as chieftain, after all last wrongs were righted, (I'm not sure what wrongs they are talking about, maybe someone can enlighten me but the rest is self-explanatory).
Gifted goods of worldly want, left her tribe no more benighted. (Tyrdda is bid farewell with gifts for her journey, leaving her tribe behind without any bitterness in her heart. The weight of responsibility lifted from her mind, she was ready for her trek).
Skyward, one last trek she made, To her lover, dream-delivered, (Tyrdda's "trek" could also be a metaphor for her leaving for The Fade, ready for death, akin to ancient Elvhen people using Uthenera. It could also mean she actually journeyed to a secluded place to do this, either way, the result is the same. "To her lover, dream-delivered". She found her leaf-eared lover, in my opinion Mythal, in The Fade).
Raven-feathered, reunited, Hearts both whole, now neither aching. (Again, the raven. This I would assume is referencing Falon'din, guiding Tyrdda to her leaf-eared lover, where they can complete each other, both loving, neither suffering a life apart. Whether the leaf-eared lover was Mythal or a priestess of Mythal is debatable, given they found each other in The Fade and now Mythal is part of Flemeth. A lot of things like all the Elvhen legends shouldn't be taken at face value because of metaphors and allegory, but it does bring up important questions.
So, I hope this was an interested read for anyone who took the time to do so 
Let me end this with a quick recap.
Tyrdda was a mage and dreamer. She had a relationship with an Elvhen female mage, whether she was a spirit that embodied Tyrdda or a physical being and possible priestess of Mythal is undetermined. Tyrdda fought and killed Thelm. Thelm was presumably the king of the Alamarri, as he united many tribes under his banner. Thelm was also presumably a mage whether he knew it or not. This would seem to be the case because entities (presumably the "Old Gods") whispered to him through dreams, the same way they did the magisters, in order to manipulate him into breaching the Golden City. They seemed to be coaxing him into crossing the Waking Sea. This would imply that there was something important to the north that could maybe help someone either enter The Fade physically or find something related to the Golden City.
We also learn that the Elvhen culture had influence over ancient human beliefs. Tyrdda eventually left with her tribe and headed into the mountains, I'm guessing this is in the frostback basin region, where most modern Avvar now reside. It would also make sense geographically as Thelm was headed north, while the basin is located in the southwest. There Tyrdda encountered Dwarves. With her Elvhen lover's council, she brokered peace and a powerful, lasting alliance with them. Tyrdda's tribe traded with the Dwarves and both benefited from the relationship. Hendir, the prince and leader of whatever thaig the Dwarves came from, became good friends with Tyrdda. Tyrdda's Elvhen lover became aware that she could not give Tyrdda what she needed, an heir. She decided to leave Tyrdda so she could choose a man with which she could produce children. She explained this to Tyrdda through a dream after she had left.
Whether The Elvhen lover was a spirit or not and whether she was Mythal or not is debatable and as of yet unclear. Tyrdda did as her Elvhen lover asked, choosing Hendir as her mate and naming her first child Morrighan'nan as well as naming her tribe after her (Aval'Var). This means the Avvar as we know them today are a product of Dwarven and Human breeding. Given the amount of time that has passed and the limited amount of hybrids, it would seem most physical attributes are undetectable. Also human and Dwarven pairings might be similar to Human and Elvhen pairings, where Elvhen traits are almost always non-existent. After a long life, Tyrdda grew tired and was ready to rejoin her lover, feeling her duties as chieftain had been fulfilled.
She told Hendir this and he understood, hoping she would find what he couldn't give her, the love she had lost when her Elvhen lover left. Tyrdda bade her farewells, letting her children succeed her. Tyrdda then left on a trek. Whether this was a metaphor for death (perhaps taught by her lover) or whether she actually traveled to a specific location to enter a type of Uthenera is unclear. Either way, the result would be the same. She then is reunited with her lover, presumably by Falon'Din, where they complete each other.
That's it! Hope this generates a discussion. I'd love to hear people's thoughts. I'll probably make this a thread, as it's quite long.
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