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Pour the pretzels into a large bowl and set aside.
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In a medium saucepan, combine the brown sugar and corn syrup and bring to a boil over medium-low heat. Let boil for one minute.
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Add the butter and let melt completely. Bring to a boil again and let boil for another minute.
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Add the sweetened condensed milk and stir well. Let boil for another minute, stirring constantly.
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Reserve 1 cup of caramel and pour the rest over the pretzels and mix well, fully coating the pretzel pieces. Spread the pretzels onto some wax paper.
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Drizzle the remaining caramel evenly over the pretzel pieces.
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Melt the chocolate chips in the microwave for 45 seconds. Stir and then microwave in 15 second increments, until chocolate is completely melted. Drizzle over the caramel pretzels. Let sit until chocolate has hardened.