To dream that you fall and are not frightened suggests that you will defeat your enemies without much effort.
To dream that you fall and are frightened represents that you do not have balance or power in your life. You could be undergoing massive difficulties or a problem that is consuming you. You may not have been able to attain your ambitions.
To dream that you are freefalling through water suggests that you are overcome with emotions. You may be sensing that it is simpler to give up rather than fight through the challenges.