Prep Pan:
Line an 8×8 inch pan with parchment paper, leaving some overhang for easy lifting.

Make the Nougat:
In a large saucepan over low-medium heat, combine chocolate chips and ⅓ cup evaporated milk. Stir frequently for 4–5 minutes until smooth.
Add marshmallow fluff and stir until fully incorporated.
Pour into prepared pan and smooth evenly. Chill in refrigerator while making caramel layer.

Make the Caramel:
In a clean saucepan, melt unwrapped caramels and remaining ⅓ cup evaporated milk over low-medium heat, stirring frequently until smooth.
Pour over the chilled nougat layer and spread evenly.
Refrigerate for 4 hours or overnight until firm.

Slice the Bars:
Lift chilled layers out of the pan using parchment. Cut into 16 bars (1 vertical cut, then 7 horizontal cuts on each half).
Line a 9×13 inch baking sheet with parchment paper.

Melt Chocolate Coating:
Add chocolate melting wafers to a microwave-safe bowl. Microwave on 50% power for 1 minute, stir, add vegetable oil, then continue in 30-second intervals (50% power) until smooth.

Dip and Coat:
Using two forks or dipping tools, dip each bar into the melted chocolate. Place onto the prepared baking sheet.

Chill and Serve:
Refrigerate for 30 minutes, or until coating is set. Store chilled and serve at room temperature or slightly cool.