Faulting and fluid transport in the subsurface are highly coupled processes, which may manifest seismically as earthquake swarms. A swarm in February 2014 beneath densely monitored Mammoth Mountain, California, provides an opportunity to witness these interactions in high resolution. Toward this goal, we employ massive waveform‐correlation‐based event detection and relative relocation, which quadruples the swarm catalog to more than 6000 earthquakes and produces high‐precision locations even for very small events. The swarm's main seismic zone forms a distributed fracture mesh, with individual faults activated in short earthquake bursts. The largest event of the sequence, M 3.1, apparently acted as a fault valve and was followed by a distinct wave of earthquakes propagating ~1 km westward from the updip edge of rupture, 1–2 h later. Late in the swarm, multiple small, shallower subsidiary faults activated with pronounced hypocenter migration, suggesting that a broader fluid pressure pulse propagated through the subsurface.