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I think the rainbow thing matches all the confirmed info from the interviews of Game freak executives so far.
They said the next game wouldn't be called Z, to surprise the fans, just like "gray" wasn't the sequel to BW.
They have also mentioned "flowers" would be a major concept in the next game.
Also fitting to the 20th anniversary of the originals, Red, Blue, Yellow, Green, all the colours of a rainbow.
A rainbow way is apparently part of the norse mythology too.
The source isn't established, but the info doesn't focus on any specific video game, the chance of it being lame fan fiction is low.
It is pretty unexpected too, the only thing people have theorycrafted about was Z,XY2, or XZ/YZ or whataver.
