Check the tension on the chain/rope...I accidentally pulled the anchor in too tight once and the motor doesn't have enough juice to move it in either direction. I ended up loosening the large nut on the side of the gypsy until it moved on its own. Anchor will start to release (lower) on its own.
Second would be the large nut on the side of the gypsy is like a tensioner on the clutch...loosen or tighten it and see if you're able to get anywhere..