The image of a snake eating its own tail, also known as ouroboros, is an ancient symbol with many meanings. Most often, it has the same significance as the phoenix, symbolizing rebirth and the cyclical nature of all things. 

The rainbow has been a significant image for many cultures throughout human history. For many, it symbolizes an appreciation and love for all things,  a vision of hope, and joy. 

For me, then, the rainbow ouroboros represents the importance of compassion and empathy. I strive to live out these values daily, because I believe that doing so will create a positive cycle that will affect not only myself, but everyone in my life. I often reflect on this by listening to Patty Griffin's song "Forgiveness," wherein these habits are shown as a way to climb out of "the well" and escape other destructive habits, such as resentment and bitterness. I believe that all people are innately good, and deserve to be understood and respected. 

Curiously enough, in researching these symbols recently, I discovered that the rainbow serpent also contains significance, much of it similar, in some Australian Aboriginal cultures. Go figure: nothing's original, and that's okay.