The general rule  is that "holy" mentions of God's name are pronounced "Elokim;" but, where the same word is used to mean "judges" or "other gods," the pronunciation follows the spelling: "elohim."
How should the word be pronounced in Breishis 32:29? There, the word is used to refer to an angel (but see also here). It clearly doesn't refer to God, but it's not "elohim acheirim" either. How should this word be pronounced in this verse? Is it קדוש, or is it not?
כי שרית עם אלהים ועם אנשים ותוכל