lsd

Not bad, but again, there are too many different things stuffed into this taunt effect.
* Remove the Frostburn cloud. It doesn't fit the theme.
* Personally, I would also remove the large, orange star sprites, they are distracting. You have a soft swirl of colours at the bottom but also solid, spiky cartoon stars orbiting the character? I feel it just doesn't mesh well.

Suggestions:
* If possible, put a dark disk below the swirling rainbow disk, so that its colors appear brighter in contrast and remain visible regardless of texture of the ground?
* Replace the stars with multicolored sparkles? Rainbows are fuzzy, this effect is the perfect place to have sparkles and soft colorful mists rising from the ground, as rainbows need water droplets in the air to appear.
* Maybe add a rainbow trail, if the effect is used on a traversal taunt?
* Or put a big rainbow above/around the character, like the one that appears in Pyrovision around a Pyro doing the Rainblower killtaunt.