Passage
Thou art my God, and I will praise thee: thou art my God, I will exalt thee.
Thou art my God, and I will praise thee: thou art my God, I will exalt thee.
Psalms 118:26 Blessed be he that cometh in the name of the LORD: we have blessed you out of the house of the LORD.
Psalms 118:27 God is the LORD, which hath shewed us light: bind the sacrifice with cords, even unto the horns of the altar.
Psalms 118:28 Thou art my God, and I will praise thee: thou art my God, I will exalt thee.
Psalms 118:29 O give thanks unto the LORD; for he is good: for his mercy endureth for ever.
The verse centers on "thou", "praise", "thee", and "exalt". It is saying that the verse draws attention to "thou" and "praise", so its meaning should be read from those terms before moving to application.
The nearby context moves from verse 27's "God is the LORD which hath shewed..." into verse 29's "O give thanks unto the LORD for...", so "thou" and "praise" belong inside that flow. In Psalms context, the local focus is worship, trust, the LORD's kingship, and covenant mercy.
A plain takeaway is to answer the verse's own emphasis on "thou" and "praise" with trust shaped by these words, not by a vague optimism outside the passage.