5 nights of peculiar light with mini lights going to and fro.

Date is approxamtly late oct through early dec 1985 I was a young child at the time. My bedroom window faced S.E. and had a great view of the horizon over the treeline.
This event occured 5 days straight with slight variations in activity.
What made this notable was this.
On the first morning at about 05:00 to 05:30 I awoke to a very bright light in the SE sky about 3inches (by extending arm to measure) off the horizon. Having a love of astromony at the time (and currently) I pulled out my favorite starchart and looked to see if it was a conjunction, venus, jupiter etc. It wasn't.
It was very clear out and it being extremely bright(the light) yet twinkling. ANd according to the chart it wasn't any fixed star either.
I watched it until the sun rose. Approxamtly 2 hours or so. And it did not move from it postion whatsoever. I knew then that the celetial sphere should have moved it.
NOW, it was daylight and the thing was 'still' visible. Still twinkiling wildly.
Later that day I mentioned it to my mother. She asked me to get her if I saw it again. And the next morning I woke up without prompting and there it was. I got up, brought over to see it. We watched it until the sun rose. This time I pulled out my 'kids' telescope and we took turns looking at it. I can't recall the final magnification we used but this is what we both saw.
(the resolution was not the best) But it appeared to be oval or disk like in shape, appeared to have lights on the leading edge, red and blue/or greenish. ALthough I assume it was somewhat distored from the heat inside the room and the outside cold air.
We also saw what looked like 3 other pinpoints of light coming from and going back to the light. Making thier way down 'in a zig-zag like movement' then another returning... This just continued for hours.
This occured for 5 mornings straight. I only wish I got up earlier to see when it came visible.
The perspective of our 'point of view' would land the light hovering either between 'Lake Ariel' to as far as 'Moscow/Gouldsboro' Pa.. Hard to say, but they lay in the line of sight from there.
Date is approximate.  We wonder whether a celestial body might have been the cause of the sightings.  PD