As your visions while still awake consist of imagery similar to any dream imagery, a similar method of interpretation can be applied to them such as would be used for any dream. Seen this way, the blobs would represent ideas which have not yet taken any specific shape or form. Where at first these unspecified or undeveloped ideas simply come up and disappear, when perhaps elaborated upon a little more or evolve (started stretching), these ideas finally take shape and form. They begin to appear as rational ideas. (taking the shape of a person) However, there appears to be a failing in these ideas. (they fell)
As the blobs begin as dark shadows, it implies the ideas can be seen to be unenlightened ideas while you might see them as if coming of a source of light (resemble the bubbles in a lava lamp), that is, as if coming of knowledge or intelligence.
The background of light pink or white would suggest an atmosphere of love (pink) in which these ideas are conceived but it could also be an atmosphere of innocence, which implies also of ignorance. (white) It is your “belief” that may be seeing an atmosphere of dawning or increasing light or intelligence surrounding these ideas. (believe it was the color of sunrise) You think you are seeing the light or intelligence of God present. (a round white object and thought that it looked like the sun)
Note that a round white object in the sky would also imply the moon present in reality which would imply the guiding light under which an idea/ideas are taking form is an emotional intelligence rather than a rational one as from God. Note also the association with the lava lamp which has bubbles made of wax. The idea of waxing and waning – increasing and decreasing – is often used in reference to moonlight. The moon’s light – an emotional light or intelligence - is not always very brilliant, unlike the sun.
Falling from a cliff can imply having set oneself up for a fall/failing. Thus the people falling can indicate that when using what you see as turning into a rational idea, you have psychologically set yourself up for a failing. Deliberately jumping off a cliff can be regarded as a suicidal act. Thus the scene can be suggesting that you wonder or question why you would use an idea that is suicidal – one simply very detrimental to you.