Crossword Genius

A lot wrong in backing party observed by crowd on the streets at St Patrick's Day Parade (6)

Ross

I believe the answer is:

floats

I'm a little stuck... Click here to teach me more about this clue!

'the streets at st patrick's day parade' is the definition.
I can't judge whether this definition defines the answer.

'a lot wrong in backing party observed by crowd' is the wordplay.
'wrong' indicates anagramming the letters.
'in' indicates putting letters inside.
'backing' shows that the letters should be reversed in order.
'party observed by crowd' becomes 'sf' (I am not sure about this - if you are sure you should believe this answer much more).
'sf' reversed gives 'fs'.
'a'+'lot'='alot'
'alot' anagrammed gives 'loat'.
'loat' placed inside 'fs' is 'FLOATS'.

'on' acts as a link.

Can you help me to learn more?

(Other definitions for floats that I've seen before include "Rests or drifts on the surface" , "Hovers" , "Stays on the surface of water" , "Carnival wagons" , "Remains on the surface of liquid" .)

I've seen this clue in the Irish Times.
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