This acoustic guitar part runs throughout the song, and can be fingerpicked or picked. We show it picked here as that's how Pete Townshend does it live. The guitar starts by holding and picking through an E sus 4 chord, E minor, G major, D major (altering to D sus 4 chord, in the middle), C add 9, A sus 2, E minor, G major, D major (with D sus 4 again), C add 9, A sus 2.

Then begins the strumming:

C add 9
D major
G major
C 6th This quick chord change is quite hard, make sure you hold the previous G major chord as shown in the ActionTab. If you struggle a lot with it, switching to a C Maj 7 chord instead will be easier. It's only for a few short strums before returning to G major
C Maj 7
D major
E major
A major (with C# in the bass)
E major
B minor
C major
D major adds the G note to alternate to D sus 4 in the middle again. Expect that a lot with the D major chords in this song.
A sus 2

We then return to picking through chords again for a short spell...

E minor
G major
D major with D sus 4 in the middle again.
C add 9
A sus 2
E minor
G major
D major add the G and open E string notes briefly
C add 9

Now break into strumming again with...

A sus 2 major
D major
G major does the awkward C 6th change again, and an extra muted strum. Use a standard C major 7 chord if this C 6th change is destroying your peace.
G major
C major
D major
E5 strike and slide
E major
A major with C# as bass note - use the preceeding low E note strikes to quickly change finger positions between these chord E maj and A maj chords.
E major
B minor
C major
D major Add the G note to get the D sus 4 again
A sus 2

Now the mighty rock solo kicks in and the acoustic chords switch to E major, B minor, A major, E5, B minor, A major, E5, B minor, A major, E major, B minor, G major, D major, B minor, A major, D major, B minor, A major, E major, B minor, A major, E5, B minor, A major, B minor, G major, D major, B minor, A major, D major, B minor, A major, E major, B minor, A major, E5, A major, B minor, A major

After that little lot, change the strumming pattern and progress through B major, A major, G major, D major and repeat until the outro which involves picking through the following chords:

B major
E minor
G major
D major add the G for a sus 4 in the middle
C add 9
end on a slow strum through A sus 2