No, it can't happen. The angle of refraction of the water droplets ensures that the light waves will hit your eye in that pattern. Remember that you're not "seeing" something that is radiating light from the position in which the rainbow appears. You can prove this easily by driving your car very fast and watching the rainbow move relative to landmarks, not only laterally but circularly. You are sensing a pattern of refracted light that hits your retina and your brain interprets it as an object of a certain shape and color at a certain distance.