The market conditions are weak, but if the project is good it's better to start now because it will take 1-2 years to polish it (including ICO, developing, testing, and working beta launch). So if you want to take your market share then don't wait, start it as soon as possible.
Investing in ICO right now is very risky since we don't know if the project will be successful or not. We should also consider the market since we're still in a red market. But if you're really brave and ready to take the risk you should start as soon as possible because we can't say what happen next.