Answer
6 possible outcomes
Work Step by Step
$\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \nearrow$$\ \ $$\longrightarrow$$\overline{\underline{|\ heads\ |}}$
$\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ $$\overline{\underline{|\ red\ |}}$$\ \ \ \ \ \ \ $
$\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \searrow$$\ \ $$\longrightarrow$$\overline{\underline{|\ tails\ |}}$
$\ \nearrow\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \nearrow$$\ \ $$\longrightarrow$$\overline{\underline{|\ heads\ |}}$
$\bullet\ \ \ \ \ \ \ \ \ \ $$\overline{\underline{|\ yellow\ |}}$$\ \ \ \ \ \ \ $
$\ \searrow\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \searrow$$\ \ $$\longrightarrow$$\overline{\underline{|\ tails\ |}}$
$\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \nearrow$$\ \ $$\longrightarrow$$\overline{\underline{|\ heads\ |}}$
$\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ $$\overline{\underline{|\ blue\ |}}$$\ \ \ \ \ \ \ $
$\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \searrow$$\ \ $$\longrightarrow$$\overline{\underline{|\ tails\ |}}$