This movement is in sonata-allegro form. The exposition begins in F major, and is very stable at first. The exposition is made up of phrase groups- The first cadence is an IAC at measure 6. Right after 6 it becomes tonally unstable, "flirting" with d minor, c minor, and c major. It begins tonicizing c in measure 9. The bass line is becomes very chromatic at m. 11 making it sound even more unstable, while the right hand has a melody similar to that of the first phrase group. There is a deceptive cadence at m. 19, going to a minor i chord in c minor, and the dynamic goes to piano- this is the transition to the dominant. However, it moves to the parallel major in measure 22. the next phrase ends in a PAC in c minor. Measure 24 has a change in dynamics, and the key is tonally stable in the key of c major, ending in a PAC. Then the whole thing repeats.
the development begins in m. 32, and is made up of phrase groups also. There are some elements from the beginning phrase of the piece-the beginning of the development feels like we are in f again. There is a very small PAC in d at measure 38, but is hardly noticable because of the elision. This retransition becomes very unstable after 38, and the key is unclear. At 50 the hands switch roles, and the right hand has the quarter note accompaniment, while the left has running eighth notes. The next phrase is not until measure 55, in the key of d.
the recapitulation is at measure 56, back in f-it is almost the same but slightly varied. at 68 it goes to the parallel minor (similar to measure 19 transition), and there's a pac at 74 with a slight elision. The opening melody starts again, this time staying in F, while using motives from earlier.