To understand the property of refraction through rainbows, first you could think Raindrops as falling prism-like objects... The same answer here - Refraction & Dispersion of light
(Wikipedia & Howstuffworks has a pretty good article on it...)
These images show the refraction and dispersion of light by raindrops (just like an optical prism). But, it has a small difference from a prism.. The refraction occurs twice inside a raindrop... (due to the spherical shape I think so). For a typical rainbow, the angle of refraction at which light would enter and exit the raindrop is 40°-42° for colors in the order violet-red. This 2° range is due to increasing wavelengths of different colors...
Howstuffworks shows a good comparison for the image below:
When A disperses light, only the red light exits at the correct angle (42°) to travel to the observer's eyes. The other colored beams exit at a lower angle, so the observer doesn't see them. The sunlight will hit all the surrounding raindrops in the same way, so they will all bounce red light onto the observer. But, B is much lower in the sky, so it doesn't bounce red light to the observer. At its height, the violet light exits at the correct angle (40°) to travel to the observer's eye. All the drops surrounding B bounce light in the same way. The raindrops in between A and B all bounce different colors of light to the observer, so the observer sees the full color spectrum.
Also If you were above the ground (at some pretty higher altitude), you would be able to see the rainbow as a full circle. On ground, only the arc of rainbow which is above the horizon is visible.
- A rainbow doesn't depend upon where ever you are... Even if you're above the ground, you could be able to see the colors in the same order VIBGYOR... It depends on whether the sun is at the horizon or not, whether the environment has a fog, mist or rain
But, in case of Twinned rainbows, double reflection is supposed to happen... It depends upon the difference in size of the drops and the angle of refraction would be within 50-53° range... A wonderful thing is for a twinned rainbow, an inverted rainbow would be above the real one at some distance (each being separated by a common base...
Supernumerary rainbows have a collection of bright and dark bands from violet to red due to interference. At angles very close to the required rainbow angle, two paths of light through the droplet differ only slightly, and so the two rays interfere constructively. As the angle increases, the two rays follow paths of substantially different lengths. When the difference equals half of the wavelength, the interference is completely destructive. And at even larger angles, the beams reinforce again. The result is a periodic variation in the intensity of the scattered light, a series of alternately bright and dark bands.