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. 🤔🌊