It means 'don't move - stay sitting where you are.'
More figuratively, it can mean 'don't take any action for the moment - wait and see what happens.'
May 10, 2016
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I would add only that there is an element of patience associated with this phrase.
To not only wait and see what happens but to wait before taking any action.
May 10, 2016
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Farid
Language Skills
Arabic, Arabic (Egyptian), English, German, Persian (Farsi), Russian, Spanish