Trade setup: USOIL analysis- medium term trade

Price has extended to the highs of $60 per barrel which is a key psychological area of resistance supported by a key trendline acting as a confluence too, previous days has shown a slowdown in momentum around these highs with candle rejections such as doji etc. Looking closer at price action am expecting the price to retrace to $59.50 around the 61.8% retracement region to form a right shoulder before reversing and testing the previous area of consolidation around $55 area. Adding to this viewpoint is that form a fundamental perspective tension amides between Iran and the US haven't yet been resolved, Iran minister is rejecting sanctions by the US and still supplying to countries in the world.