So, imagine you're walking outside on a sunny day with your friend. Suddenly, you see another sun in the sky, but it's not as bright as the regular sun. That's called a parhelion, which is a fancy word for a "sun dog".
Now, a 120° parhelion means that the sun dog is positioned 120 degrees away from the real sun. Kind of like how a clock has 12 numbers evenly spaced, and if you divide that by 3, you get 4 different spots that are 120 degrees away from each other.
So when you see a 120° parhelion, it means you might see a second sun-like spot in the sky, about one third of the way from the real sun. But don't worry, it's just an optical illusion caused by the way sunlight reflects off of tiny ice crystals in the air. Pretty cool, huh?