In pieces where arpeggios are written out in a dispersed manner (in this piece, other works by Bach, or by other composers), the progression becomes much clearer when converted into chords. In this piece, the chords change every two beats.

Starting from bar 1, the chords are:

• Bar 1: E-G#-B-D, A-C#-E
• Bar 2: A-C#-E-G, D-F#-A
• Bar 3: D-F#-A-C, G-B-D
• Bar 4: B-D#-F#-A, E-G-B
• Bar 5: F#-A#-C#-E, B-D-F# ~

However, as these include inversions, if we write them with inversions:

• Bar 1: G#-B-D-E, A-C#-E
• Bar 2: C#-E-G-A, D-F#-A
• Bar 3: F#-C-D-A, G-B-D
• Bar 4: D#-F#-A-B, E-G-B
• Bar 5: C#-E-F#-A#, B-D-F#

Then, it becomes clear that the bass line in each bar progresses mostly by a minor second, and the chords on beats 3-4 are resolution chords for the chords on beats 1-2.

Consequently, the volume on beats 3-4 will be softer than on beats 1-2, and while maintaining this order, the tension should increase from bar 1 to bar 2, and from bar 2 to bar 3, and perhaps the tension might decrease in bar 4 compared to bar 3.

Such harmonic analysis makes the piece much easier to understand, and consequently helps in determining how to apply dynamics.