Since there are two major conflicts, an argument can be made that there are two climactic moments. With the conflict of Man vs. Man, the climax comes when the two enemies, Ulrich von Gradwitz and Georg Znaeym, reconcile their differences. Then, once they are friends, they are yet engaged in another conflict: Man vs. Nature.
The climax of this conflict comes as the two men shout to beckon what they think are their hunters. Moreover, this climax is really the point of highest intensity in the story, and it comes near the end as is customary for climaxes.
Having reconciled their differences, the two men, enemies who have begun a friendship, decide that since the wind has lessened, they may be able to reach the hearing of their hunters who are patrolling the wooded strip of land. Ulrich suggests,
"Let's shout for help...in this lull our voices may carry a little way."
Georg observes that it will be almost impossible for their voices to carry through the dense forest with its trees and undergrowth: "...but we can try. Together then." And the two men raise their voices together. Soon, Ulrich tells Georg that he has heard something; however, Georg replies that he has heard nothing. After a silence of a few moments, Ulrich cries out joyfully, "I can see figures coming through the woods."
Together both men summon the figures by shouting as loud as they can. After a few moments, Ulrich cries out in joy,
"They hear us! They've stopped. Now they see us. They're running down the hill toward us."
"Who are they?" asks Georg, who hopes his men are on the way so that he can be the first one to extend courtesies to his new friend. But, Ulrich would rather that he did not recognize them, nor have called them: "Wolves."