Yet there are still some bullish investors who think that Wells Fargo is a smart value play at current prices.

Here's what Wells Fargo bulls need to see in order for the stock to start gaining ground again.

Wells Fargo disappointed investors in June by signaling that it would need to cut its quarterly dividend.

Instead, CEO Charles Scharf warned shareholders that Wells Fargo would likely need to increase its allowance for loan losses to a much greater extent that in did in the first quarter.

How big a cut depends on what Wells Fargo's financials look like, but bulls need that reduction not to be too big.

From a long-term perspective, Wells Fargo investors need to see light at the end of the COVID-19 tunnel.

If Berkshire reports more Wells Fargo stock sales in mid-August, then it would send a definite signal that the Oracle of Omaha has lost faith in the bank.

Bulls need to see some good news from Wells soon, and these three items will be critical in determining the future of the California-based bank.