This long term futures weekly chart (log scale) shows why some project a $700 correction target corresponding with . The prospective continuation of the correction has been interrupted by a bounce of the RSI which has returned to the borderline of overbought without achieving a higher high.
This daily chart of the $US spot price is more suitable. The extension of wave (2) has a more acceptable form. The negative divergence supports the view that minor wave 1 is concluding.
However, should the US Dollar weaken with momentum then the corrective waves of Intermediate wave (3) of Primary wave  can be small and of short duration, whilst the bullish action accelerates.
The link to the DXY chart appears below:
LINK: DXY, US Dollar Index - weekly chart