May be on absolute terms, its a big fall. But need to also consider that first 300 points fall have negated the gain of last two trading sessions and net fall is 300-400 pts.
In India context, i prefer to see it on relative terms. While US gained 300 pts on Friday and Monday, Sensex fell almost 1000 pts in last two trading sessions. This is not to say that indian markets shall not fall tomorrow, but may be some of the blow is already taken in anticipation.
These are just my views. I may be wromg
Regards