Is SP500 dividend yields only 1.84% now?

If that is true, then for SP500 dividend yields to get to 5%, we would either see earning growth accelerated or index drop to:

5% = 26.7 / SP500

SP500 = 26.7 / 0.05 = 534

The last time SP500 dividend yield exceed 5% was 1982.

Are we heading that way?