C major, 9/8 time. A very slow waltz.

The theme is a long-breathed phrase that begins and ends on the C major tonic chord, but due to the abundant accidentals primarily in the inner voices, it sounds as if it is not bound by functional harmony. In addition, the undulating movement of the inner voices and the thickness and breadth of the chords create a highly complex texture. Enticed by this undulation, the C major theme modulates successively, leading to a symphonic climax.

The middle section, marked 'Poco più animato' and beginning with a ripple-like figuration in the bass, creates a distinct and very wild development separate from the main section, bringing a multi-layered structure to the piece.