STI Updates -- Cup and Handle formation?

With all the confusing Elliott Wave counts, perhaps it's time to get back to basic chart patterns to give us a better idea of what could be happening.

It appears that STI is forming a cup and handle pattern since 4th August till now, over the course of nearly 9 weeks.

In the book "Applying Elliott Wave Profitably", by Steven W. Poser, he mentioned that he had always found it difficult to tie in an Elliott Wave into a cup and handle formation at times. Indeed, not only has Elliott Wave International mentioned in their short term update (which I read during their freeweek) that they cracked their heads into fitting a wave count, there have also been many discrepancies between the wave counts of Elliott Wave analysts.

Tip: Google with the search key "cup and handle elliott wave" and access the google ebook portion. It should be the first result.

As in the previous yahoo chart count, 5 super mini waves have been counted. It would be bullish to see a reversal down to STI 2610 (61.8% retracement and the upper green line on the handle of the cup), before a powerful wave upwards...

In summary, I'm leaning more towards a bullish rise. Bears should be careful, and bulls should watch out for opportunities. Caveat emptor and good luck trading.

P.S. But do bear in mind that cup and handle formations can fail. Example, between Nov 08 and Mar 09, there was an inverted cup and handle.