My son and I were sitting on the couch watching TV. I happened to look out the window and saw a bright light. I assumed it was an airplane heading for Purdue's airport. About 5 minutes later I looked and it was in the same spot. I thought it was odd and watched it thru the window for a minute. I then told my son to take a look at it. He got up from the couch, went to the window and looked. He saw it also. We went out onto the front porch to try to get a better look. To the naked eye it looked like a large ball of light, flashing and changing colors, but difficult to see much other than that. My son went and got our binoculars and we looked at it thru them. It looks like a triangle with variously color changing lights on the outside that pulse. It's been 40 minutes so far and it has gotten brighter than when we first saw it.