This is nonsense. The market PE is at 14 (normally in emerging/frontier markets, the PE is 15-17) so it is NOT over valued. It should not crash. This market will go to 6500
There are loads of under-valued shares which trade well below market PE
For example,
LIOC P/E is 4.6
TKYO P/E is 6.5
KAPI P/E is 6.5
TJL P/E is 10.3