Seems you got a bargain at $5!
Since the trunk is very straight and formal don't forget to reflect this in the primary branches. I reckon lower the first branch down and let it grow unhindered for a while to thicken it up since the higher branches are currently the same thickness. While this branch is growing you can work on the ramification of the apex and top couple of branches as you don't want them to thicken any more in relation to the lower ones. Prune all those shoots down to the first pair and you could have a decent apex by the end of summer. Since you've gone to the trouble of defoliating you could wire them into place too.
Keep the left branches short so that the tree flows from left to right.
Something like this...
(Man I suck at virtuals!)
Olive vert.jpg
Olives are fun! Since you got it so cheaply don't be afraid to work it hard.
Matt.
You do not have the required permissions to view the files attached to this post.