Freytag's Pyramid

According to Freytag, a drama is divided into five parts, or acts, which some refer to as a dramatic arc: exposition, rising action, climax, falling action, and dénouement. Although Freytag's analysis of dramatic structure is based on five-act plays, it can be applied (sometimes in a modified manner) to short stories and novels as well.

Exposition -
The exposition provides the background information needed to properly understand the story, such as the protagonist, the antagonist, the basic conflict, and the setting. It ends with the inciting moment, which is the incident without which there would be no story.

Rising Action
During rising action, the basic internal conflict is complicated by the introduction of related secondary conflicts, including various obstacles that frustrate the protagonist's attempt to reach his goal. Secondary conflicts can include adversaries of lesser importance than the story’s antagonist, who may work with the antagonist or separately, by and for themselves or actions unknown.

Climax
This marks a change, for the better or the worse, in the protagonist’s affairs. If the story is a comedy, things will have gone badly for the protagonist up to this point; now, the tide, so to speak, will turn, and things will begin to go well for him or her. If the story is a tragedy, the opposite state of affairs will ensue, with things going from good to bad for the protagonist.

Falling Action
This is the moment of reversal after the climax, the conflict between the protagonist and the antagonist unravels, with the protagonist winning or losing against the antagonist. The falling action might contain a moment of final suspense, during which the final outcome of the conflict is in doubt. Which is also the outcome of what happened in the rising action and the climax. Summary: The falling action is that part of the story were the main part (the climax) has finished and you're heading to the conclusion.

Dénouement, resolution, or catastrophe
This comprises events between the falling action and the actual end of the drama or narrative and thus serves as the conclusion of the story. Conflicts are resolved, creating normality for the characters and a sense of catharsis, or release of tension and anxiety, for the reader. Etymologically, the French word dénouement is derived from the Old French word denoer, "to untie", and from nodus, Latin for "knot." Simply put, dénouement is the unraveling or untying of the complexities of a plot.