Excess indicates the end of one auction and the start of a new auction. It is visible through buy-ing and selling tails (single TPO prints).
Excess occurs in all timeframes; it completes an auction. There are always multiple two-way auctions at work; one could be completed while another is still active. As was previously mentioned, balance and excess are the two most important concepts you will be introduced to because they show change or the possibility for change to take place. Excess is similar to the buying or selling tail and might serve as support or resistance as the market revisit these areas to fill them with volume in the most cases.
