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I'm not sure how to say it.. You want the forearm set in the loading position at 90 degrees upward. Worst case scenario is the forearm pointing downwards with inverted W motion, but that is rare. Most guy with the inverted W are late, but somewhere in between right before footstrike. Pineda isn't as bad as someone like Mark Prior or Jeremy Bonderman in that sense. I think even Morrow was a bit worse at this.
Pineda does have a very elevated elbow though, so I'd concerned about damaging the shoulder.. The last picture in particular is concerning. Thats the moment of max effort and Pineda's elbow is too high.