Due to its height, dreaming of being on a balcony means that you operate from your head. Logic and analysis are your methods for determining your actions. The dream points out your position to ask you to come down from your head and include your heart in the decision making process.
An important figure above you on a balcony, particularly someone with a title or who speaks with authority, is in the dream to guide you. Their advice is infallible. Sometimes they take on a negative position to show you how you are acting with regard to the subject matter of the dream.