It is not so, because it rotates both ways. Our human society began to know this symbol widely twenty-five hundred years ago in Sakyamuni's time. He appropriated it, but the color he used was different from ours. It was black and pointing upwards, and was used in the upright position. I will only address so much regarding this Falun, though I have only mentioned its superficial form.
Some people say that it stands for good fortune, which is an interpretation of everyday people.
Let me tell you that signifies a Buddha's level. It only exists at the Buddha level. A Bodhisattva or an Arhat does not have it. But senior Bodhisattvas, the Four Senior Bodhisattvas, have it. We have found that these Senior Bodhisattvas have far surpassed the level of ordinary Buddhas, and they are even higher than a Tathagata.