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Here is an updated FIDDLE.
The relevant line is this one:
.css('top', -h.toString() + 'px');
It positions the div for the text, and to change the position above the image, I just placed a negative sign in front of h.toString(). You could finely adjust the position by multiplying the h.toString() by a coefficient like -.8 or -.92 to make finer adjustments. It may be problematic putting it above the image, because you’ll have to adjust the position based on the height of the text div.
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solved moving the caption of a tooltip