Dude, I literally just tested the light wrecking ball from a grounded state with a followup jumping MK. It is an easy punish, especially from midscreen. I could punish it with cr.HP just fine, as well as light DP, medium DP, Heavy DP, and a cr.HP cancelled into a DP for a 16% damage punish. The only time it misses is there is a chance you can do it too early in the corner, but that’s what timing practice helps you fix.
If you can’t punish a wrecking ball, it is on YOU as a player. You should really hit the training mode because it is a real easy timing to punish. Seriously, you can even juggle with a fireball opportunity.
I couldn’t say it any better, Fincho just said it best.