Wolves have been the best team in the Championship so far this season and are playing brilliantly at the moment.
The Wanderers are at the top of the league table at the moment with 44 points from 19 matches, four points clear of second-placed Cardiff City.
Nuno’s side seem set to finish in the automatic promotion places, but former Wigan and Chesterfield boss Caldwell has warned them about the festive fixtures.
Former Everton and Sheffield Wednesday defender Andy Hinchcliffe, though, does not see any weakness in the current Wolves team.
"The versatility of playing different formations and attacking in different ways makes it difficult for the opposition to set up against them," Caldwell told Sky Sports.
“The hardest part of football is scoring goals so when they're doing that as freely as they are they've got every chance of promotion. Christmas will test their character but they've put themselves in a great position."
Hinchcliffe added: "They're doing everything right and you don't see a weakness in their side.”
Wolves have some of the best players in the Championship, and they will take some stopping given the way they are going.
True, the festive period could cause some problems, but the Wanderers have already picked up more than enough points to compensate for any dip in form.