China, Europe, Asia, Africa could see a -10% to -22% collapse over the next 60+ days if consumers shift assets away from risks associated with the current COVID & debt/credit issues plaguing foreign markets. China, in particular, could be on the cusp of a "Great Recession". This could drive other foreign markets deeper into trouble in early 2022.
My opinion is the US markets may see some extended downside price volatility, but may quickly recover and trend higher if these global crisis events are somewhat isolated and contained. Certainly, traders need to be prepared for extreme volatility over the next 90+ days.
I believe China is in far worse shape than many people currently believe. These debt/credit issues are entrenched in finance/banking in China/Asia. I believe the more mature Asian economies could be headed for complete debt collapse over the next 2+ years.