Many market commentators have been worried about the narrow breadth of the market's advance. I see the rally broadening out. Let's check out the charts of the iShares Russell 2000 exchange-traded fund ( IWM) .
In this daily bar chart of IWM, below, I can see an improving technical picture. Prices have strengthened in the past three months. The IWM now trades above the 50-day and the 200-day moving average lines. The trading volume has been heavy the past three months and suggests to me that there is increased investor interest in this ETF. The On-Balance-Volume (OBV) line has moved sideways the past three months. The Moving Average Convergence Divergence (MACD) oscillator just moved above the zero line for an outright buy signal. 
In this weekly Japanese candlestick chart of IWM, below, I find a constructive setup. Prices are trading above the 40-week moving average line. The weekly OBV line has made a bottom and I can see a number of lower shadows on the candles in April and May. Traders are rejecting the lows. The MACD oscillator is crossing to a cover shorts buy signal.
In this daily Point and Figure chart of IWM, below, I can see an upside price target in the $202 area.
In this weekly Point and Figure chart of IWM, below, I used a five box reversal filter. Here the software projects the $241 area as a price target.
Bottom line strategy: Traders could go long IWM at current levels risking to $175; $202 and then $241 longer-term are my price targets.
