Got out of bed to go to the bathroom. Noticed a very bright light in the sky. As I stared at it, I noticed it was dancing/pulsating/changing shape/had pieces break off and reabsorb. At times different colors would emit from it. It stayed in the same general location - about 35-40 degrees off the ground looking due East. With the known meteor shower, I assumed this was part of it, but today realized that meteors probably don't stand still and behave like that. I woke up everyone in the house so the four of us witnessed it. We went outside and watched for almost 15 minutes. Again, it stayed in generally the same spot, but would dance, bounce, emit color, smaller pieces would break off (at one point forming a straight line), then get reabsorbed. It dimmed/disappeared and we went back to bed, but from bed, I saw it light up again. No clue what this was. Meteor activity? UFO?