And also, normally, R1 and R3 should be connected to pin 7 of the 555 (discharge). Pin 3, which is the output of the 555, should be the only signal connected to the IC2 CLK input.
And also, normally, R1 and R3 should be connected to pin 7 of the 555 (discharge). Pin 3, which is the output of the 555, should be the only signal connected to the IC2 CLK input.
Another consideration for your circuit not related to the timer or counter function. Assuming the LEDs are blue and red, the resistances of R4-R7 will need to be adjusted for balanced current and/or brightness.
So to summarize, the main problem with the circuit will be solved as follows:
1) Untie the R1 and R3 resistors from pin 3 of the 555 and put them back to pin 7 where they belong !
2) As ericgibbs mentioned, minimally tie the 4017 Reset pin to ground.