Dow Jones Back to $18k? CoronaVirus = Global Black Swan

I feel that the Dow Jones is far over extended on value. Most of the stocks are running well beyond what earnings should allow. Now we have the Corona Virus effecting the globe much more than the news will admit. If China's economy was on the tipping point of collapse as some suspect, will this be enough to push them over the edge.

If China begins to collapse in to debt, how will global trade be effected? How about US bonds? Where do we go from here?

I have a bad scenario laid out and I would hate to see it happen. Remember that this is not trading advice.