Julia, Ernesto y Pablo are waiting for it (the bus).) is a correct statement.
What is the statement about?
The statement Julia, Ernesto y Pablo están esperándolo is a response to a previously given question which is Julia, Ernesto and Pablo are waiting for him in English.
Julia, Ernesto y Pablo are waiting for it the bus is also known to be the response to the first question and as such the tenses are correct.
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