Listen to Study n°2: https://youtu.be/rHmeIry8RsI
Read the score: http://ks.imslp.net/files/imglnks/usimg/3/31/IMSLP273547-PMLP224198-HVL-Estudos-Eschig1953.pdf
This time arpeggios don’t obey to a right-hand fingering or string logic but simply follow the upward order of chord tones. As it is written with eight notes in a 4/4 measure, a 3 tones chord could not complete the 4 notes. So arpeggios may be accentuated with almost a “Rumba” rhythm.
This study written in the A major key may follow the form AB (with a coda), in which the A section would go from the beginning to measure 12, the B from measure 13 to 23 and the little coda from 24 to 27. Like study n°1, there is no theme or melodic line.
From measure 1 to 4, there are I and V chords. In measure 3, since it contains the note E, the A#°7 chord is a passing diminished chord between the two E7 chords.
From measure 5 to 8, there are AM, Am, EM, Em, bringing a B7 (V/V) chord in measure 9.
There is a change of the arpeggio pattern in measure 10, and the music stays on the E7 (Vth) chord until measure 12. This measure 12 consists in a stepwise downward motion of the A major scale from F# to F#. Is the measure 11 a climax?
Measure 13: a AM chord and then F#m chord. In measure 14 there is a passing G# to fit with the eight notes rhythm, and bring variety to the arpeggios. With the C#7 chord in measure 15, the music modulates in the F# minor relative key. In measure 17 the C#- chord brings a V/V chord (G#7).
Then there is a harmonic sequence from measure 19 to 21 (G#7, C#7, F#7, B7) to bring back the music in the A major key.
In measure 24 we find back the first measure. In measure 25, the FM7 chord brings a minor subdominant sound because of the natural F.