After placing third in the Iowa caucuses and landing an abysmal fourth in New Hampshire, Elizabeth Warren has lost any pretensions to leading the presidential race. In fact, she may be preparing to drop out.

Warren clearly doesn’t expect much success in the upcoming caucuses in Nevada (Feb. 22) and South Carolina (Feb. 29). As ABC reports, “In the past week, the Warren campaign has canceled or moved more than $1.2 million worth of television ads in Nevada and South Carolina, which are scheduled to cast votes later this month.”