In Theodore Taylor's short story "Rogue Wave", he begins by detailing the scene. This is the exposition because the author informs the reader of the setting and sets up a stressful climate. For example, the characters are 15 miles off of... "a desolate area of Baja California below Ensenada."(3) The exposition moves the events of the plot forward because the empty ocean leads to a tense atmosphere when the ship flips.
The resolution is when the Red Rooster spots the two siblings and rescues them. This is the resolution because this is the point in the story where the conflict has been solved. For example, when about to sink, "...a long range sports fishing boat out of San Diego bound South to fish for wahoo and tuna off the Revilla Gigedo Islands came within a hundred yards"(14) Once they were saved, the Schooner finally sank, ending the story on a positive note, knowing that Sully and Scoot had survived.