Swelling will stay down because of the bandaging.
As infection should be under control please get some Resolve Wound - it is wonderful stuff and, heals wounds like this, and worse, faster than anything I have ever come across in many years of dealing with horses.
Look at the injuries and you will see what I mean!
My yearling is on there and his wound is all but gone. My vet thought it would be at least Christmas before it was even looking like coming together. Resolve Wound was the answer and has speeded up the healing by several months.