Setting: The place seemed to be a port town.
Conflict: the man vs the two octopuses
Climax: The man falls into the water and the octopuses gain a victory.
Symbols: The man stands for evil. Octopuses stands for love or relationship. The seagull stands for a new trouble to get over.
Irony: The man is gone, the pink octopus was saved, and the octopuses thought that the story would end happily ever after. But then the seagull came and carried away the other octopus.
Theme: With love, you can overcome any difficulties.