With a grimace, Katraya surveys your expressions and nods reluctantly. Taking a deep breath, she leaps back - drawing the antimagic field away from the area where the dream vestige lurks.
The creature of nightmare reappears, but for the moment you have the initiative: you knew where it would appear, while it has to take precious seconds locating its prey.
Spoiler: OocEveryone who readied an action (I'm reading Perseus as having readied instead of delayed) can act now.