Was out walking the dog with a friend. we got back to her apartment when we noticed the red light in the sky. it was bright red, then changed to white, then after a few seconds changed to red again. this happened a few times as it was stationary in the sky. direction was south-east, could see orion constellation clearly. object was about 15 to 20 degrees lower than orion's belt, and left of orion from my point of view, maybe shoulders width distance with arms outstretched from orion's belt. time was 8:40 pm pacific time. no clouds and the sky was clear. object descended, hovered, and changed to a rapid flashing light of green and white. object hovered for about 20-30 seconds then started to descend quickly and i lost sight of it between the far side apartment buildings. i had recorded some video but the glare from the lamp posts only caught fuzzy details of the light descending. i was not able to record the red and white colors as i was unsure what i was looking at. i started recording when the lights changed color. my friend and i both observed this object. i have lived near an air force base most of my life and have seen many types of aircraft. this object did not behave like a normal aircraft. it was stationary then descended, then stationary again, and changed colors and frequency of flashing lights, not typical of any aircraft. this object did not seem to be moving away or toward me, but rather downward in a straight line. the speed it descended the first time was slower than the second time. approximately 10-15 minutes earlier, while walking the dog, we had seen a military aircraft circling the base, probably a c-17 from the size and speed. it had it's landing lights on as well as strobes. after the object had descended out of view, i noticed a similar military aircraft, headed away from the base in a westerly direction, at a much higher altitude than previously seen. i'm guessing this was the same aircraft that we had seen earlier circling the base. the video i have is grainy and on my cell phone, only a flashing point of light can be seen. don't think it's worth uploading, but can provide it if needed.