I recently put up some acoustic treatment and would like to know if it made any improvement. I ran a measurement with the Room eq wizard and this is one of the charts. I don't know what I'm looking at. If someone could tell me how to read these things and what the target should look like. I know it's a snap shot, but any help would be great.
 
 
" />
 
 

upload the image to imgur and get the link code. Paste the link into the image box when replying/posting

It's up. Been awhile since I posted a pic.

The scale is pretty small, but it looks like Y-axis is dB and X-axis is frequency. So it looks like a frequency response graph. It depends on what you are measuring what it means. In a perfectly linear system a perfect white noise source with equal power at every frequency should produce a narrow horizontal band or straight line. Since your are measuring something about the room, then presumably variation from perfect should indicate differences due to loss of power in frequencies from absorption or increases in power of frequencies from phase reinforcements. The latter effect is very sensitive to microphone placement. Your measuring system should have some kind of instructions about what you should expect, but if the line is less jumpy and the range more narrow after treatment than before, that is probably an improvement. 

I believe this is a RTA graph of a sine sweep. Trying to figure out what this means for my room.

The graph is simply showing how loud specific freqs are in the room.
The low end < 300-400hz is due mostly to room geometry. There are free tools on the web to show what to expect for a given room's dimensions. Normally in something like a bedroom (< 2000 cu ft), you would see a few peaks in the low end for an untreated room. THe graph is not all that bad so I would assume you did something like corner traps. The high end is from reflections from surfaces. Moving the mic even an inch may change the high end response.
If this is a control room, put the mic where your head would be while mixing and redo the test.
Also, a real test needs a calibrated MIC and some of those dips are prob your MIC.
It should be as flat as possible. Use a good condenser and not an SM-57.
Dips mean that specic  graph freq is being absorbed. Peaks mean that freq is reinforced (reflected). Without more details I would guess you may need some more hi end treatment.
The web is full of information about room acoustic treatment. 
Google 'audio control room treatment' or 'audio studi0 design'.
 This is a good forum for acoustic design
http://johnlsayers.com/phpBB2/index.php.
   

In a nutshell, that graph shows a pretty nice room. But to be truly useful, you'll want to be looking at waterfall graphs, which the software can also provide. They've got some pretty good advice on their website.

Bitflipper, it was your post on RTA's that got me started in this. Great post by the way. I put up 2'x4' acoustic panels in my room. I put one on either side of my listening position using  a mirror to help with placement.. I also put one each behind my monitors. The mic I used for the test with the Room eq wizard was the condenser mic that came with the IK multimedia ARC 2. I have no base traps. The room seems a little small for them
 
 I'd like to compensate for the bass with the ARC 2 if I could.

Here are some control room basic tips that you can do for cheap.
Put the console desk at the end of the long axis of a rectangular room. It should be right in the center of that wall. If possible keep your monitors a foot or two from the wall. The farther from the wall, the less you will have bass issues when mixing. If you can, put the monitors in the wall inside a soffit (infinite baffle). The monitors should be at ear level and spaced apart approx the same distance that your head is to one of the monitors (equilateral triangle). Point the monitors at where your head normally is while mixing. Put some acoustic material or panels  on the left and right walls at ear level. Center the panels at a point on the wall where (from you mixing position) you could see the monitor tweeter in a mirror if it were placed at that point. Do the same for the ceiling positioned even with the side panels. You are eliminating  early relections (phasing issues and hi-end cancellations) by doing this. Build or buy some bass corner traps and put them in all four corners if possible but at a minimum in the corners next to the monitors. if you have a really live room you may want some panels on the rear wall and the side walls near the rear.
If the room is un-carpeted you may want a throw rug or two on the floor and/or a few panels on the ceiling. 
Google 'DIY bass traps' and 'DIY acoustic panels'.
 
 
 

Barczar
 I have no base traps. The room seems a little small for them
 
 I'd like to compensate for the bass with the ARC 2 if I could.

From the graph, it looks like you need no bass traps which is surprising for a small room.  You did the proper thing with the panels (the mirror trick) except maybe one on the celing. Like I said, the graph is not terrible. How is the flutter echo and reverb time ? Clap your hands and listen.