You are right, it does relate to standing waves.My guess would be it's nothing to do with magnetism but rather standing waves. If this is real (and a lot of stuff on youtube isn't) I'd guess a low pressure point is produced by two opposing waves. If it's correct then it would be more impressive if the transducers were horizontally opposed.
Thanks for your reply, I recently put it as a project option and I will try to implement more features based on this if I have the chance.It is ultrasonic - someone did one as a project on Kickstarter a few years back, I though it unusual enough to try.
It does work, though it's not easy to get stable "levitation" and it can only work with things like small polystyrene beads. And it rapidly gives you a headache, even with hearing protection!
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