Assez lent – avec une expression intense ("sufficiently slow – with intense expression"). ♩ = 104. A two-part form: A (measures 1-32), A' (measures 33-64).

The basic key is G minor, which is the parallel minor of the first waltz. Unlike the preceding piece, a melancholic atmosphere pervades. When performing, be mindful of the many sections that create a modal sound, such as lowering the leading tone of G minor (F#) to F natural.

Measures 25-28 evoke E-flat major, contrasting with the atonal and tense section immediately preceding them. Therefore, to release tension, relaxing and allowing for a natural sway would result in a performance consistent with the instruction "un peu plus lent et rubato" (a little slower, with rubato).