What I want you to do is take one of your earlier caricature drawings that you really like, and do a caricature of it. Exaggerate those elements that you already exaggerated. And then for the third caricature take those exaggeration choices and try to go way beyond what you think is appropriate or safe. See if you can exaggerate to a ridiculous level and still maintain a likeness. If it ends up being cartoony or abstract, that's fine. If it fails, that's fine too. You will have found the boundaries of what you can do.