IWM $125.57: Forms a 6-week rising wedge

IWM has been trending higher within a 6-week rising wedge (March 10, 2015 low and March 23, 2015 high) as shown on the daily chart. The latest rebound from the 123.82 low (April 17, 2015) looks to test the 127.13 record high (April 15, 2015). Clearance above there would extend the broad uptrend towards the Fibonacci projection at 128.03 (119.83-126.32 from 121.54). The 123.82 level near the wedge support should hold dips. However, a break below the latter would caution and shift the focus lower towards 121.54 (March 26, 2015 reaction low).
Outlook:
Short term: Bullish
Long term: Bullish