Does he have a camera phone? Or does a neighbour?
If this can be corroborated it will help with the analysis surely.

Originally posted by Crakeur
that said, those shape changes did not seem to be a parachute.
for reference
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and
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again, these chutes shouldn't bend and twist but I'm wondering if it is, perhaps, a trick of the eye as a result of the shute turning.
Originally posted by talisman
Very Interesting indeed. To me it looks like it might be some kind of Kite that is conducting electricity at one end, they way it curls in a U shape suggests electric current flowing through it.
Great video and thank you for posting it.
I just realized I was limited to 5 mins of video on photobucket. So here is the 8 min full videoFull Vid