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The retacement to signal higher TF HLs is still in effect as the market respects a clear resistance level at 21,172.4. On the 1H chart this resistance is shown from a series of Highs and LHs formed.
Potential drawdown has been avoided by waiting on the right buy entry.
At market re-open price gapped lower seen more clearly on the 1H chart. Historically price has been shown to fill the gap before continuing the retracement.
With CPI data coming out on Wednesday at NY session, I anticipate that price will fill the gap created and retest the previous resistance level thereby signalling a LH on the smaller TFs.
Using my fibs on the 7H chart, the retest of the previous resistance level falls at the 61.8% retracement level.
If this happens and price does not break structure then the retracement is still valid to continue signalling HLs on the larger TFs.