I tend to agree with you on the "Cup" formation as a forecasting tool, "Iyon". A true Cup & Handle is about the only one that has shown me over the years that something is likely to be coming soon. But even that requires close observation of the volume & price action to predict when. What I have found cups to be good at is for price targets.
The cup that I think "Falk" mentioned has a low of around $25 and a high of $29, leaving a $4-$5 range between the two. That tells me that "if" SQ breaks directly out of the cup to the upside, the short term target would be $33-$34 (add the range to the high end of the cup). Of course, SQ could go into a traditional C&H formation from here and that would mean horizontal to lower price movement on very low volume. From there it could go either way. Therein lies the problem of old school Technical Analysis. It's fun to play with but is tough to accurately predict what will happen because the chart evolves dynamically each day with the trading action.
What I do like is this cup tells us there is a high probability of something happening soon and that presents a trading opportunity. Good luck to all who are involved here.