Airline investors have seen more than their share of choppiness lately.
The NYSE Arca Airline index has dropped 8 percent this year, after surging nearly 50 percent in 2014.
And according to technical analyst Ari Wald, airlines are set to lose a lot more altitude in the months ahead.
"I think we're at a stage now where we get a healthy shakeout, and I don't think we're through with this shakeout," the head of technical analysis at Oppenheimer said Tuesday. "I think it can be a rough couple of months."
Shares of Delta were particularly weak on Tuesday, dropping 2.6 percent after the company said it expects passenger revenue per available seat mile to fall 4 percent to 5 percent in the current quarter, compared with a previous projected decline of 2 to 4 percent.