Although the chart looks quiet bearish at face level, it actually may be bottoming. Looks like a bullish descending wedge is in motion. Also with rate hikes in picture, WFC is the most to benefit of all banks.
With the 5/23 Chase investor meeting where they said increased their performance targets (reversing their commentary from Jan) - which indicates they don't think a recession (or at least not like past recessions) is going to impact consumer spending patterns - translating to a bullish outlook for banks