In a 1-quart casserole place chocolate, corn syrup, butter and water. Cover.
Microwave at medium for 4 to 5 minutes, until melted. Stir well, until smooth.
Prepare up to 2 colors rainbow pretzels per batch.
Tint chocolate mixture with food coloring
as desired. Dip pretzels into mixture, removing excess. Place on cooling rack over
wax paper to dry. If mixture becomes firm, microwave at medium for 1/2 to 1 minute,
stirring until smooth and adding a few drops of water if necessary.