The Ascendant reference article from the English Wikipedia on 24-Jul-2004
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Ascendant

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The ascendant of a given geographic location at a given point in time is the point on the zodiac which coincides with—i.e., is ascending over—the eastern horizon as viewed from said place and time.

The ascendant is of great significance in most schools of astrology, where is usually expressed by stating the sign into which the ascendant falls along with its angle relative to the start of that sign.