No...
I have seen THAT often, What I saw was the 'rainbow' from the backscattered light from the moon- the moon was behind me- in other words a rainbow just like a 'normal' rainbow, but the illumenation was from the full moon- not the sun.
color was not noticeable, just a pearly white glow- a cloud was blowing in- it started as ghostly pieces of the arc forming and dissapating and then when the cloud became denser it formed the full arc- it was quite fascinating