It is in ternary form.

• A [a (measures 1-8) + b (measures 9-16)]
• B [c (measures 17-24) + c1 (measures 25-32)]
• A1 [a (measures 33-40) + b1 (measures 41-44)]
• Coda (measures 45-51)

The main key is C major. In the middle section c, after modulating to F major for 8 measures, it modulates to G major as a development of c. From measure 33, it returns to the main key.

The tempo indication is "In waltz time," which likely means "at a waltz tempo." This implies that it is intended to be played with a practical 6/8 feel, where two measures are essentially perceived as one.

Although in C major, the opening measure begins with a dominant seventh chord (I7). In measure 3, a supertonic seventh chord (II7) is used again. Measures 1 to 4 form a sequence, making this section stand out with its stylish seventh chord sonorities.

Unlike section a, which is primarily characterized by descending motion, section b features chromaticism in measures 9-10 and ascending stepwise motion from measure 13, leading to a perfect authentic cadence.

The middle section B is marked with the descriptive phrase "Dancing gaily," and its scooping motif of eighth-note scales creates an elegant impression.

From measure 33, the theme returns, but section b becomes a four-measure fragment, leading to the coda. In the coda, the eighth-note motif from section B is developed, bringing the piece to a close. Concluding with an imperfect cadence creates a sense of softness and lingering resonance.