To wait patiently and not take any action yet.
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To wait patiently and take no action for now.
When you sit tight, you deliberately stay where you are because acting too early would make things worse or waste effort.
It's often said to reassure someone that waiting is the plan, not a failure to decide.
"Hold Your Horses"
—
Slow down, you're rushing ahead
"Sit on the Fence"
—
Refuse to choose between two sides
"Sit Tight"
—
Wait patiently and do nothing yet