Damn finally found it!

I remember few years ago looking for this! And just wouldnt come up in any results.

Something had reminded me of it, cant remember what now but I just remember watching it and thinking how awesome it was when I was a kid. So i searched for floating yellow fish cartoon, but it didnt come up with anything and i tried and tried and nothing.

Just now, I saw the movie poster of Little Nemo: Adventures in Slumberland and one of the characters reminded me of the bears (?). So again I did a google search for floating yellow fish with wizard and first result "You Know That Show - TV Tropes" and in the summary The Dreamstone, immediately I thought yes Im sure thats it. And it is!

I think I watched it on VHS but remember hardly anything. But I'm so glad i've found it now. Heading over to youtube to rewatch again.

Just thought i'd share this moment :)