My response to this would be: Yes, it can!
S&P 500 is a bit "special"
Here is how MSCI World (https://www.msci.com/world) Elliot Wave looked like - same dates, same time periods!
This picture is again fine for diehard Elliott Wave theorists, right?
Or you could also see it like this
Whichever serves you better. It is important to understand that reality never follows some old-fashioned textbook, reality is often more complex and varied than some rigid rules. You have to be adaptable to recognize the most important thing anyway.
For follow-up outlook see my recent idea