You feel as if you have come to a new vantage point within your social group. Perhaps people are starting to respect you more. Perhaps you have been spending time with a new social group and people have only recently come to fully respect you in the way that you deserve and listen to your opinions more often. Regardless of what way you feel as if you have achieved an elevated status, the balcony dream is a classic representation of that rise in importance.
Sometimes a balcony can represent a vantage point. Perhaps you have reached a level of understanding on a certain situation that you feel is above the understanding of someone else. A good example might be participating in a conversation about the horror of concentration camps when you have a relative that has told you stories of being trapped in one. Another example may be if people are having a discussion about how difficult it is to be a coffee barista, and this is a job that you have worked at before. Either way there is some kind of argument or discussion going on, and you feel as if you have a more important opinion, or can see the evidence more clearly. In other words you are a little more educated in the subject you are discussing. Dreaming of the balcony though would usually represent anger at your feelings not fully being recognized within this context though. Try to insert yourself more into the discussion and see how far you can get in trying to convince others of your knowledge.
Another important reason that you might dream of a balcony is if you see yourself in a precarious situation. Perhaps you have gotten yourself into some trouble recently and even the slightest amount of tension could push you off the edge. Maybe you are in the middle of an argument with a loved one, and the way that you choose every single one of you words from here on out could carry your argument on into perpetuity, or end it once and for all. No matter what the argument is or what the situation, a balcony dream is clearly representative of a situation in which you feel you cannot fully express yourself without hurting someone else and cannot fully let yourself go without something bad happening.
One of the less likely but still valid reasons that you might dream of a balcony is if you find yourself in a situation in which you have actually been up a little too high and are now considering a latent fear of heights. This dream might be a way of forcing you to confront your fears to overcome your fear of heights without actually putting yourself in a dangerous situation. The mind will work in strange ways to help you maximize your potential as a human being and this is one of those ways.