In the spirit of discussion,
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As before Legolas was first afoot, if indeed he had ever slept
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and
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he could sleep, if sleep it could be called by Men, resting his mind in the strange paths of elvish dreams, even as he walked open-eyed in the light of this world
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and
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whenever they awoke they saw Legolas standing beside them, or walking to and fro, singing softly to himself in his own tongue
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All from LotR, Bk3, Ch2, The Riders of Rohan
So no, I don't think Elves sleep. But I'm not going to be contrary and I'm sure that they are weary after such a long ride, so whatever is fine with me.