Add the chocolate to a large bowl into which the blown ballon will fit.
Melt the chocolate for 40 seconds, stir well and if needed, melt for another 30-40 seconds. Stir well until fully melted, smooth and shiny.
Let the chocolate cool a bit so it's not hot when you dip the ballon into it; 5-7 minutes at room temperature should be enough.
Dip the ballon into the chocolate so its well coated.
Secure the ballon by pressing it with the opening down, chocolate side up, in a small bowl which will basically keep it in place.
Quickly top it with cereal, one by one and slightly pressing them into the chocolate.
Refrigerate the ballon for 20-30minutes or overnight. I put it in my fridge and just prop it up with a few glasses.
Remove ballon from the refrigerator, and using scissors, cut the ballon opening, while holding it closed with your hands, so you can let the air escape slowly, not to break the bowl.
Gently, peel off the ballon off the inside of the bowl.
Add cereal and milk, eat and enjoy!