In the exposition, the narrator describes his animosity towards the old man with whom he lives, although he never gives any coherent reason for his hatred. However, he feels the old man's eye knows his inner heart, and for this reason he fears and loathes him.
The rising action and climax occurs when the narrator kills the old man and buries him beneath the floor boards. He hopes to be rid forever of that all-knowing eye.
The denoument, or falling action, happens when the narrator confesses to the police of his crime.