Combining Excel's AND and OR within an IF statement

I'm trying to combine 'AND' and 'OR' into an IF statement which looks at two cells, and 3 'OR' criteria, but I'm not sure if it's possible. Logic below:

IF cell M2 = "P4", AND cell AB2 = "P3" OR cell AB2 = "P2" OR cell AB2 = "P1", "Elevated", "Not Elevated"

This is as far as I got with regard to an actual formula which doesn't yet incorporate the 'OR' portion:

=IF(AND(M2="P4",(AB2="P3")),"Elevated","Not Elevated")

Any advice would be greatly appreciated. Thanks in advance.