Handle Forming for Cup and Handle Pattern for Kandi Tech

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Reviewing the Kandi Technology daily chart , a bullish cup and handle chart pattern is forming, with the cup portion of the pattern forming over the past 4 months. The trend prior to the cup formation is bullish , so after the handle formation, which is beginning the downward trend, so a conservative entry point would be at the two upper extremes of the cup, around $22. The handle formation should take a few more days based on price bar analysis. A more aggressive entry point would be between the .382 and .5 retracement, which is $18 and $16.70.
well now the handle seems to be breaking away today (9/9/2014) down to 15.65. Is this an example of a failing cup with handle formation?
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