Wells Fargo Decline of -8.6%. Target of $39

Technical reason :

on the Weekly we can clearly see a big decline from the 1 year high zone it has been holding. As well we can see that these bears appeared strongly because they came after strong 4 bullish candle.

As well we can see these highs of $48-$38 zone is a big consolidation zone. When it rejects the high of the $48 zone it drops to the $38 but only after accumulation of momentum

Fundmental reason :

News = "Fitch warns it may have to downgrade slew of US banks including giants like JPMorgan" (reference)

Although this would only play out for the long term but this news affect the sentimental approach of these assets.