Bars 1 to 22

1. We start with a tonic pedal point over which the chords i - iv - vii - i appear.
2. A descending movement in the bass leads to a viii degree G (dominant of C major) to modulate to G minor.
3. In G minor, a dominant minor ninth chord in the first inversion is followed by a tonic ninth chord.
4. Dominant pedal point (D, dominant of G minor).

Bars 23 to 36

1. A German augmented sixth leads to the G minor dominant with a minor ninth. The G minor dominant pedal returns.
2. The bass resolves to the tonic, but the upper voices insist on the vii degree, before resolving to the tonic with a ninth and a suspended fourth in the next bar. New tonic pedal (G minor).

Bars 37 to 43

1. The long dominant pedal finally resolves into G major, which becomes the dominant of C major in the next bar. The G pedal remains, but is now a dominant pedal.
2. The prelude finishes on the dominant.

Complete Prelude

The analysed chords are developed following a pattern of arpeggios over a rhythmic figure repeated by the bass.