Elche were minutes away from exacting revenge against Real Madrid at the Estadio Santiago Bernabeu on Sunday afternoon, having been knocked out of the Copa del Rey by Los Blancos in midweek, but in the end they had to make do with a point.
Lucas Boye gave Elche the lead in the latter part of the first half before Pere Milla doubled their advantage in the 76th minute, but two goals in 10 minutes from Luka Modric and Eder Militao saw Real Madrid salvage a draw.
Ancelotti later said, "It seemed like a lost game, the first half was a bit of a mess. We missed the penalty and also had a lot of chances. We could have scored if we'd been more clinical. We conceded the first goal and then the second. The reaction was very good and we didn't give up. It's a very good sign from the team that we didn't lose the game.
"We must not make the games more difficult for ourselves by being more solid, because we conceded two goals when we could have been more aggressive in the duels.
"We didn't get across well, they broke our line and scored a goal from a cross. In the second goal we could have been more compact and these are small details that cost us two points. We have to evaluate the game, the moves we made, the chances we had...
"We obviously can't be more satisfied and there's a lot we have to take into account. We could have won if we'd have been more clinical. We've got a little break now and we're in a good position. We're where we wanted to be at the start of the season but the most important part of the season is coming, when titles are won."