Amazon - Time to Buy or to Expect Deeper Correction?

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A trillion dollar giant Amazon has been upsetting investors with poor earning reports since July 2021 and its market price has already dropped by nearly 40%.
But is the price fair now to buy the dip or should we expect deeper and longer correction?

Fundamental indicators:

• Revenue and Profits - consistent growth for the past 10 years, however, it is slowing down since 2021
  
• Profit margin - just 7%, considerably lower than the rest of FANGMAN
  
• P/E - still overwhelmingly overpriced with 54x ratio
  
• Liabilities - no problems with debt
  

Technical Analysis (Elliott Waves):

• Since IPO and the first deep correction in 2001 the share price has been accelerating and developing in a series of first waves
  
• The first considerable correction of wave 4 can be observed between September 2018 and March 2020 in the shape of a Running Flat
  
• And since the historic high $37773 culminating in wave 3 there has been next corrective wave 4 developing
  
• Using the Fibonacci retracement levels from the high, the potential price zone where the correction may find support is between $1880 - $2240, representing 0.786 and 0.618 levels respectively
  
• Considering that the previous wave 4 has lasted for 560 days, the one we are observing now is most likely to last even longer, at least until August 2023
  
• And given that the correction is quite deep it is also likely that correction will be in the shape of triangle, of course other corrective wave patterns are also possible
  

Given all the above points the price range $1880-$2240 might be good for some purchases. However, considering the risks of recession and lengthy correction in the market - is it worth investing in Amazon?

What do you think about the prospects for Amazon?

Please share your thoughts in the comments and like this idea if you would like to see more stocks analysed using Elliott Waves.

Thanks

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ملاحظة

Below is an update to the idea: