A plot diagram is a common teaching tool that illustrates the main chunks of a piece of literature. There are typically 5 main chunks. The exposition/introduction, rising action, climax, falling action, and resolution/conclusion.
The exposition of "The Gift of the Magi" is the introduction of Jim and Della. In addition to their names, the exposition also tells the reader that Della and Jim are married and really poor. The exposition also includes setting details. It's nearly Christmas, and the story begins in their apartment.
The rising action of the piece is Della trying desperately to figure out a way to buy Jim a nice Christmas present. The only thing that she can think of is to sell her hair. She sells her hair, gets $20 for it, and rushes from store to store trying to find the perfect gift.
Oh, and the next two hours seemed to fly. She was going from one shop to another, to find a gift for Jim.
The climax of the story is when Jim arrives home and sees Della and her newly cut hair.
The falling action of the story is the gift exchange between Della and Jim. They both realize that in order to buy a present for each other, they each had to sell what was most precious to them. On top of that, the gifts that they purchased for each other are meant to go with the item that the other person has now sold.
The conclusion of the story is Jim and Della sitting down together for dinner. That doesn't sound like much, but it's important, because neither Jim nor Della are angry at each other. They both know what it took to buy the gift, and the thought is far more important to them than the actual gifts. Included in the conclusion is O. Henry's narration about who the Biblical magi were.
But let me speak a last word to the wise of these days: Of all who give gifts, these two were the most wise. Of all who give and receive gifts, such as they are the most wise. Everywhere they are the wise ones. They are the magi.
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