The main key is F major, and the form is ternary.

A [a (measures 1-8) + a1 (measures 9-16)]

B [b (measures 17-24) + b1 (measures 25-32)]

A [a (measures 33-40) + a1 (measures 41-48)]

In section b, the piece modulates to the dominant key of C major. Overall, it is in triple meter with a waltz rhythm, which is likely related to the work's subtitle (the 'Viennese Waltz' in parentheses). The theme begins with an anacrusis on the second beat, and a characteristic feature is that the starting note of this anacrusis is an appoggiatura. Furthermore, there is a pause at the end of the large section A, which signifies a rest of one beat. Uniquely, the piece also ends with a pause, which evokes various images, perhaps suggesting a moment for dancers to strike a pose.