No, you can't. The colored rays from a rainbow have to form an arc of directions that are deviated about 137 degrees from the direction of the incoming light. That is because the rainbow is created by multiple reflection inside spherical water droplets, as shown in
Rays through a large raindrop
The sun must always be behind you when looking at a rainbow. The angle of all points on the rainbow is about 53 degrees from the center of the circle. If the rainbow were above you, that angle would be 90 degrees, but that is not possible for the reasons I have mentioned.
You can see a rainbow as a circle below you when you are flying in an airplane above thin white clouds, and the sun is high in the sky. I have seen that effect a few times.