The psalm begins with a cry from the depths: out of the depths I cry to you, O Lord. The depths can be the place of overwhelming waters, a picture of distress, here joined to a consciousness of guilt. The psalmist asks the Lord to hear his voice and to attend to his plea.
Verses 3 and 4 are the center of the psalm. If the Lord kept a record of sins, no one could stand. But with him there is forgiveness, so that he may be revered. Forgiveness does not make God light; it leads to a deeper reverence.
Verses 5 and 6 speak of waiting: the psalmist waits for the Lord, his soul waits and he hopes in his word. He waits more than watchmen for the morning, and he repeats it. Verses 7 and 8 extend the hope to the whole people: let Israel hope in the Lord, for with him there is steadfast love and plentiful redemption, and he will redeem Israel from all its iniquities.