Any time you decide to wait, you roll the dice that something else doesn't happen. If you have enough to take that chance, it's a good move.
A couple years ago I was 100% in the "wait it out" camp. Over the past 2 years we've seen pandemic, riots, another pandemic scare, national political rumblings, now a war in Europe. Every time the price starts to drop, something else happens to jolt it back up.
At this point, if you have ammo, best to sit on it and wait. If you don't and want some, better get it while it's available, and balance the checkbook accordingly. If you have an AK or something in 7.62x39, I don't ever think we'll see Tula at $200 a case 1k again. If you can get it for $300, that may well be the best you will see before it all dries up.