The sign has worked. Bicyclists, horses and hikers all are going the same direction and rarely have dangerous encounters. Today, MLT got two alerts that someone has removed the One Way sign. Since the missing sign, several people were observed going the wrong way on the trail, and one trail user almost ran into another one.
The Park administration has been alerted through Park Watch Report, and we assume the sign will be replaced ASAP, but until then, be careful.