Southern sky, slightly east about 11 o'clock. Noticed wavering light within a small area in the sky that looked like wavy light or an aura. With binoculars saw what appeared to be one circular light followed by 3 circular lights and a red flashing light to the right side. The sequence repeated over and over. The object did not move in any direction; it was static except for what appeared to be a slight left to right motion like a wavering. It was visible until the sky began to lighten.