There were a lot of water drops on the leaves in my trees this morning, but no rainbows. So we created one by reflecting the sunlight on to the leaves with a prism. The yellows and blues kind of get lost in the greens of the leaf. Not perfect, but we had fun doing it anyway. I adjusted some light in Picasa and cropped. No advanced anything, but fun anyway.
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I think that this is a very lovely image. Nicely composed, and nice colors.
Possibly what hurt you was the fact that people were looking for a more "cohesive" rainbow. Your colors aren't all in one place. You have the rainbow from the prism but that doesn't show the purple... there is purple at the top so I felt it met the challenge, but possibly other people did not think so.
In addition, the harsh leaf shadow is a bit distracting.
Reading your comments is interesting, because of the edits you did. I think you did a great job for not doing anything too advanced. I wouldn't really change much about this if I were doing it with more advanced edits. So you should be proud for creating a lovely image with less editing. Not that there is anything wrong with editing, but sometimes it's nice to know that this was closer to how the camera saw it.
This is a different approach to this challenge and for that I applaude you.
I think that if you were able to shoot this again I would try to get a sharper image throughout your shot so the rainbow colour is tac sharp and not in a forground bokeh. Remember it is just my opinion.
What an extremely cool image - the blue sky, the purples in the blurred leaf and the greens, reds, etc in the backlit leaf - very cool stuff - 7 for photographic vision