Although Sheik/Zelda, the leader of the Sages, technically fills in that color by wearing a dark blue bodysuit most of the time. Each Sage in The Legend of Zelda: Ocarina of Time is associated with one color of the rainbow except indigo.Thus, in a certain sense, every depiction of a rainbow is a Rainbow Lite that only contains a few of the shades of a real rainbow. Strictly speaking, rainbows don't actually have any distinct color bands - their colors are one gradient from one end of the visual spectrum to the other, and the way we see them as being subdivided into distinct bands is a result of the way our minds instinctively try to categorize the world to understand it better. We really ought to note that the distinctions between colors are somewhat arbitrary and indigo in particular only made it into the 'official' rainbow because it fit with a numerological theory Isaac Newton had.
Don't count on them being in the correct order, either. In both cases, the colors will be sharply delineated, as opposed to the actual blending from one to the other you get in a true rainbow.