Hi buddy, I'd do one 10% water change and then don't do any more until you hit 0 in ammonia and nitrite. The nitrogen cycle is tricky. Basically, the good bacteria breaks down the ammonia and makes it into Nitrite, and then further breaks down the nitrite into nitrate. So your tank should naturally balance itself to 0 without further water changes. If you do a water change mid cycle, you restart the cycling process.
Once at 0 for ammonia and nitrite you know the tank is cycled but you will have high nitrate and you will then need to do water changes to get rid. Once that's low to 0 add some stock slowly. Test for the next 2 weeks after stocks added and make sure that ammonia/nitrites remain 0, but you should see nitrate start to climb again symbolising your tank is cycled and converting your fishes waste.
I only know this cos my tank didn't cycle properly many years ago, and I lost a lot until someone explained it to me.
If you don't see the ammonia reduce, you have another issue - in which case PM me or post on here and we can address (this could be down to flow, live rock, and a number of issues but I doubt you will have any issues.
All the best in reefing and never shy from asking questions! Your favia should survive so don't feel pressured on time.