Agreed. I have been rebalancing for at least the past 25 years - in both directions. Because I was at the very top of my equity allocation at the market peak last November (and bonds have eased down), I am still slightly above my equity target. I need another 20% decline in equities (while bonds hold steady) before my IPS requires rebalancing. I have zero confidence in bonds holding steady, but that is another matter.
That said, I am guilty of nibbling any time the market reaches a bear, regardless of what the IPS says .
Dale