Looks Bearish at Face Level but something +ve may be cooking

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

Cash 23%
PG 13%
AAPL 11%
QCOM 10%
AMD 9%
MSFT 8%
NVDA 8%
CTRA 6%
MRVL 3%
GOOGL 3%
FORD 3%
WFC 3%

Disclaimer: My opinion on stocks are mine alone and not to be taken as Investment advice.