For this and the remaining images, the gun was fired at close range. Note the muzzle of the gun on the right. The balloon held approximately 2 tablespoons of water, some of which coated the inner surface in small droplets, but most of which was sitting at the bottom of the balloon before impact.
One can still see the original balloon's outline, defined by almost stationary water droplets. At the same time, there is a real sense of rapid movement conveyed by the retraction of the balloon and the flinging of the water at the forward surface. Note also the water spilling out the bottom of the balloon, and some interesting texture on the part of the balloon that remains on the lower left hand edge.