How do I make one object bounce off another object?

Here is the main idea: In the front viewport, I have an object on the right side that moves up and down using a matinee. How do I spawn an object from this moving object and have the spawned object move to the left in 3 different directions, straight, up at a 45 degree angle and down at a 45 degree angle?
Then I would like for the spawned object that moves left at an up or down angle to bounce off the top and bottom of the field and continue moving left at a 45 degree angle after the bounce. This sounds so simple to do but I can’t find anywhere how to do something like this. Can you help me figure this out? Thanks!

yofreetime

Sounds a lot like Pong.

OK. So how do I do that?