I'm nominally 100% equities and retired (though DW is still working). I put about 25% in cash in mid-2007 as I retired, to avoid any problems with a bear market just as I retired. The idea was to spend down the cash first, regardless of the market. Not really market timing, though I was concerned about consumer debt at the time. I also did a little timing, with gold and a bear market fund with another 15% of the portfolio.
As the bear unfolded, I got rid of my hedges first and then bought equities with cash. I added equal amounts every time the market went down another 5% from the peak. I planned on a 40% drop, since that seemed like an average bear. When the markets dropped below that, I used my home equity line of credit to add another couple of buying steps to my plan. I tried to preserve 2 years living expenses in cash, though that ended when the market was at its lowest. I had about half a year cash in March this year, and had shifted from some conservative equity funds to more aggressive funds.
With the latest recovery I ended up with about 11% cash as I sold some of the equities. I'd like to drop that to 5% or less. I'm hoping to buy if the market will go down a bit more. Then I'm probably back in "permanently" until things look too optimistic or I need more cash for expenses.
So, yes, I'd be more agressive with the allocation for the next few years. My risk tolerance is obviously high. I was more worried that the market would start going up before I bought my next chunk of equites than I was about the market continuing down. At least until I was "all in" in March. If it had gone down any more the only thing I could have done was shift out of conservative funds and into agressive funds a second time. And I may have had to sell some of the equities I had just bought, hopefully at just a small loss.