What does this Psalm say about God?

How would you describe the Psalmist’s circumstances in 130:1-3?

In 130:4, the Psalmist seems to communicate that receiving forgiveness from God will result in a life marked by fear of God. How does forgiveness produce fear of the Lord? What might this look like in our lives?

How does the Psalmist’s tone shift in 130:5-6? What does it mean to “wait for the Lord”?

In 130:7-8, the Psalmist turns his attention to the people of God within his community and exhorts them.  What is his exhortation? What are the reasons he gives for it?

How does this Psalm reflect the overall shape of the gospel, and the Christian life?