On Sat. 7/4 at 5:42 here in Pace, Fla. the colorful phenomena I saw appeared to be erupting out of the top of a cumulonimbus formation. It flowed upward and curved to the left (southeast). The sun was filtering through the formation and cast a multicolored shadow on top of the thunderstorm. The event was accompanied by several lightning bolts from the top of the cloud which I was unfortunately unable to capture in the photo. The whole experience lasted about 10 minutes. This was a 4th of July display we never expected.
Editor's note: This looks like iridescence...
http://www.atoptics.co.uk/droplets/iridim0.htm