Giovinco is not the answer, not yet. We can't build our team around him so soon. He needs time, he's only played one official game FFS. He needs to be given a regular role for the remainder of the season and we will see what happens after that.
As for Alex, it's true we do depend on him a lot. I would say however, that we depended on him last season a lot more than we will this season. This year, we have a techincally gifted striker who is able to create his own chance, something we didn't have in the attacking department last season, well, apart from ALe.
Other than that, we have a more creative midfield this season that we did the last. Players like Giovinco, Marchisio, and sometimes Poulsen can add a lot to the team when it comes to creativity.
However, there is a real problem and I have noticed it when we play amauri and IQ together. There seems to be little or no link up between the midfield and attack, here's where Ale is sorely missed. We have no one else in the team that can drop back into the midfield to help create an attack.
We're hoping Giovinco can solve this for us, but I prefer we don't impose too many responsibilities on him, especially one as important as this as it could affect him negatively more than positively.
I personally don't think we have a solution for Ale's absence just yet, as a change in formation does not seem very likely here, especially when we are talking about Ranieri here, a coach that will literally eat his own fecal matter before he decides to play a diff. formation from the 4-4-2(classic).