I loosened up my allocations over the last few years since I have plenty of cash flow that should not change to keep us in food, heat and ammo. When I first retired 17 years ago I settled into a 50:50 asset allocation and that has done me well through several dips. After our cash flow increased because of SS at 70 and required withdrawals from 401K I let equities drift up with my new rules, sell off some equities when they go above 60% and start buying when it drops below 50%. I'm not a market timer but I went above 60% very close to the peak and sold off enough equity to get to about 58%. It is always a good feeling when you manage to sell at the peak, I have managed to do that a few times, I have also bought at the peak a few times. I'm very much a buy and hold investor and do it all on my own no advisor taking a cut. I believe in mutual funds and haven't own individual stocks for over 20 years.
My advise is have a plan, stick to it, and don't panic.