The photo shows iridescence in an Altocumulus cloud near the Sun. The colors are produced when sunlight finds its way through water droplets by diffraction. In the process, light rays of different wavelengths undergo a series of deviations at slightly different angles, yielding the intricate structures captured. Note the presence of a lower annular pattern, acting as a base for the upper multicolored structure.

Nikon CoolPix P900 camera on a tripod using high magnifications

PhotoScape freeware used to remove excess light, bringing out the colors.