Your upper arms are practically vertical, very different from my position - I would feel like I was about to tumble over the front wheel! Here's a photo of me from a race in June (blue kit, orange helmet):

It's a bit of an extreme example - that position was too much of a reach. My current bike has the handlebars about 7mm closer, so my current position is less awkward looking. And of course, I'm holding my torso upright in that shot. The idea is of course to get a flat back, and both positions work for that. The main problem is that there's a lot of tension on your shoulders and upper back to hold you up if you're not pedaling hard enough to provide most of the support through your legs. For that reason, I intend to make a serious effort to improve my core strength for next season and take a lot of the weight off my hands. It'll be nice when I have the money for a fit and can find the right balance - I'm quite certain that I can do better. In the meantime, what I'm doing works.