נַפְשִׁי יְתִיב דַבְּרַנִי בְהִלְכַת צִדְקָא מְטוּל שְׁמֵיהּ.
1. He revives my soul | נַפְשִׁי יְשׁוֹבֵב – See Rashi that the connotation is that Hashem restores the soul of the weary and distraught to its former state. Cf. Ibn Ezra and Radak that the verb relates to the noun "שובה", understood by them to mean "tranquility". [See its usage in Yeshayahu 30:15 where it is parallel to "נחת", rest.] Hashem calms and quiets His flock, leading them slowly. Malbim uniquely connects the verb to the adjective "שובב", wayward, suggesting that at times Hashem lets his flock go wild and wander off, but eventually leads them back to the path of righteousness.
2. on paths of righteousness | בְמַעְגְּלֵי צֶדֶק – The word "מעגל" can mean "entrenchment" or "camp" (see Shemuel I 26:5-7), but can also refer to a path (see Yeshayahu 26:7, 59:8, and Mishlei 4:26 where the word is parallel to "דרך", "אורח" and "נתיב", all meaning "path" or "way"). Though the noun appears connected to the adjective "עגול", round, the fact that it is sometimes accompanied by the adjectives "twisted" or "straight", suggests that it is neutral in meaning and need not refer to a circular path specifically. Indeed, here, most commentators assume the verse speaks of a straight path. Malbim, exceptionally, asserts that the path is circular, for though God allows us sometimes to stray, He brings us back to our starting point [see the previous note].