I think it's worth taking some risk here as the chart looks set up for a leg higher.
Using the fib tools I'm targeting $482 - $486 / 1.618
It's already made a 50% retracement nearly to the dollar and tried to for an all time high.
I believe SPY price will break that level and make another ATH.
Volume is increasing although there is a lot of trading activity in the current range. It may not go straight to $482 but I think $475 will hold as support. If not then $472 will be in the cards and a sell-off could ensue. Past bull markets have gained 200% so it's not unreasonable for SPY to touch $500, especially while we have this momentum. If it doesn't happen now then I think there is less and less of a chance it happens in the first half of the year. I think we'll see $500 or $5000 SPX by February of this year.