Nice sumo trunk!
Not exactly clear on what style you are shooting for. Your mock up shows a future single trunk, or upright or possibly an informal upright style.
If it’s a broom style (vs mo) likely not where to cut… And the trunk seems not well suited for this style imho.
On the other hand, this tree might make a double trunk bonsai, but a twin trunk seems ideal. This would require an air layer to be done.
Here’s a
page listing all bonsai styles for your reference.
No matter which style you choose, it might be wise to develop a plan to work the roots to develop a better nebari which would help develop better ramification up top in the future. There are a number of options to help, including yearly root work and air layering, to get the type of nebari this tree deserves.
There are numerous threads on developing nebari techniques on site.
Good Luck
DSD sends