We present a complete analysis of elastic scattering 6 Li+ 16 O at 4 and 5 MeV/nucleon. Using either traditional Woods-Saxon or a range of semi-microscopic folding form-factors we find that the data require deep, highly transparent potentials. Physically relevant solutions are selected according to dispersion relation. The intermediate angle structures and the oscillatory increase of the cross section at large angles is interpreted either as a pre-rainbow oscillation resulting from the interference of the barrier and internal barrier far-side scattering subamplitudes, or, equally well, as a resonant diffraction arising from two Regge poles located in peripheral waves. Both semi-classical and Regge pole approaches allow a dynamical separation of the resonant component of the S-matrix.