Ignoring the US markets, our own Nifty refused to go up. Nifty futures finally closed the day below 4400. The market has seen three days of lower lows. If this is a dip, then three lower lows is the most a market should see. Then, tomorrow, tuesday should break the pattern of lower lows by either making a higher low, or, higher high or inside day, or bullish reversal day. Now, this is of course, not a rule, but an expectation. If we have a fourth day of losses, then the dip may lead to a deeper correction.
Whatever happens, one aspect of the market is visible: the Nifty is in a trading range between 4700 and 4100, roughly.