Foreteller's talent and turn of foot has already won him two Group One weight-for-age races but trainer Chris Waller is keeping expectations in check going into Saturday's Caulfield Stakes.

Waller believes the small field of six helps Foreteller in the 2000m contest but sees star mare Atlantic Jewel as a formidable opponent.

"I'm not expecting him to beat Atlantic Jewel," Waller said.

"But he will be competitive. You've just got to not expect too much in these races and see what unfolds."

Atlantic Jewel is an odds-on favourite to bounce back after being beaten for the first time by It's A Dundeel in a thrilling finish to the Underwood Stakes (1800m) last start.

The Mark Kavanagh-trained mare, who is favourite for the Cox Plate, headlines the Caulfield Stakes field and will be looking to emulate recent winners So You Think (2010) and Ocean Park (2012) who won the Caulfield Stakes as odds-on favourites in six-horse fields.

Waller has been delighted with Foreteller's spring campaign and his performance on Saturday is set to determine whether he heads to the Mackinnon Stakes or is given his chance in the Cox Plate.

"We'll just see how we go. Probably the Mackinnon but if he happened to win or run a close second we may look at the Cox Plate," Waller said.

Foreteller has already enjoyed a successful Melbourne spring campaign, winning the Group One Makybe Diva Stakes (1600m) second-up at Flemington defeating Puissance De Lune.

He finished 12th of 14 in the Underwood last start after settling at the back of the field in a race dominated by horses on speed with Atlantic Jewel and It's A Dundeel battling it out.

Waller is hoping the small field and the tempo on Saturday suits Foreteller.

"He's got a turn of foot better than most horses," Waller said.

"I wouldn't say better than Atlantic Jewel though.

"The slower they go the better for him in a small field, but obviously in a big field when you've got to get around them all, it's hard."