I usually read the Hanged Man as a pause or blockage, a hold on progress until we've worked something out inside. For me it's a time-out for inner growth before we can move again.
There’s a deeper layer with the water/Odin links, where suspension and self-reflection lead to wisdom or a kind of insight. Again, it’s about stopping until some inner work is done.
It often shows up before Death, so I think of it as the stirrings of new growth after an old cycle ends—the calm before things really shift.
In the Major Arcana it mirrors the High Priestess, bringing hesitation and questioning before you go forward, breaking down assumptions after a transformational stretch.
Qabbalistically it’s tied to water, those deep primordial forces, which gives another angle to play with.
In readings I scale it to the surrounding cards, but those are the broad strokes I usually keep in mind. 🤔🌊