Abrac
Waite wrote an introduction to A. E. Thierens' General Book of the Tarot in which he's uncharacteristically forthcoming about the Hanged Man:
Here's Levi's image Waite refers to.
http://s19.postimg.org/o1kwopc1v/God_of_Reflections.jpg
This image is ripe with clues to the Hanged Man's identity. Waite's comment that the true symbol isn't a Hanged Man at all is especially interesting. No doubt he's referring to the "Drowned Man" which he used in the Fellowship of the Rosy Cross and to which the Golden Dawn's Hanged Man also hints.
"The human figure of the symbol is suspended head downward and as such it is comparable to the Microprosopus or God of Reflections in the so-called Great Symbol or Double Triangle of Solomon, prefixed by Lévi to this [sic] Dogme et Rituel de la Haute Magie, being the frontispiece of the first volume. It follows that the true symbol belonging to Trump Major No. XII, though it is by no means that of Lévi, is not a Hanged Man at all; but it will continue to be depicted in this manner unless and until the Greater Arcana are issued by the authority of another Secret Circle, which so far has never testified officially concerning itself in the outer channels of research."
Here's Levi's image Waite refers to.
http://s19.postimg.org/o1kwopc1v/God_of_Reflections.jpg
This image is ripe with clues to the Hanged Man's identity. Waite's comment that the true symbol isn't a Hanged Man at all is especially interesting. No doubt he's referring to the "Drowned Man" which he used in the Fellowship of the Rosy Cross and to which the Golden Dawn's Hanged Man also hints.