Investors might call it an industrial-sized sell-off.

The industrials sector is down and out, on track for its worst month in seven years and trading firmly in a correction. Now, one leading technical analyst says the group could fall further after industrial heavyweights like Caterpillar and 3M weigh on the sector.

"When you look at a chart of the XLI, you can see very clearly that a double-top has been made here," Craig Johnson, chief market technician at Piper Jaffray, said Tuesday on CNBC's "Trading Nation," referring to a traditionally bearish pattern developing in the popular S&P industrials ETF.

"From here, we're going to have to at least come down and look at the mid-60s, if not kind of a measured objective for me would put this industrial ETF down into the $60-range. I think we're going to see more weakness ahead in this, and I look at this and I view this as a bit of an indicator of the overall market. So at this point in time, I'm still cautious on the industrials, and definitely cautious on the XLI," he said, implying further downside between 9 percent and 16 percent from current levels.

The sector, which fell Tuesday after Caterpillar and 3M reported quarterly earnings results that sent the stocks tanking and the broader market reeling, closed the session as the second-worst performer behind energy.

The companies attributed tariff-related headwinds, and Caterpillar, for its part, fell the most since 2011.

The S&P 500 closed lower on Tuesday, though well off its session lows. U.S. futures were trading sharply higher on Wednesday after earnings results from Boeing lifted the market and the XLI.