First line a tray or baking sheet with parchment paper. You'll be throwing chocolate around so you'll want something to catch the drips!
Place the chocolate melting wafers in the measuring cup and melt according to the package directions. In my microwave it took about 1.5 minutes at 50% power. The 50% power is important as full strength will probably burn the chocolate! Stir well.
Dip the pretzel rods about 3/4ths of the way into the chocolate, then let the excess drip back into the cup. *If you're using sprinkles go ahead and add those now before the chocolate dries.
Place on parchment paper to harden.
If you're not using sprinkles you should let the chocolate harden completely before drizzling with the colors.
Melt your colored candy wafers (one color at a time) in the microwave the same way you melted the chocolate (50% power).
Now for the fun! Dip a fork into the melted color and sling onto the pretzels. (You can drizzle if you have a tamer style. But I sling.) A side to side motion is best. Try to have the colors liquid enough (melted) so that that don't GLOP on. When you're satisfied with one color, clean the measuring cup (see tips below) and melt the next color. I did red, then pink, then white.
Let everything harden (this won't take long) then serve or package in cute Valentine's Day goodie bags for gifting.