Real Madrid had won 22 games in a row leading into the New Year and were just two games shy of Cruzeiro’s world record of 24 when things came to a grinding halt.

La Liga connoisseurs had been talking in terms of who had the capabilities of toppling the men from the Santiago Bernabeu, and looking at fixtures where points might get dropped.

It’s unlikely anyone expected the mini-collapse at the turn of the year and, to be honest, Real have not yet recovered from it.

Although the wins column will still show five from the last 10, frankly the performance levels in general have been poor.

The match at Cordoba last month is a case in point. Cristiano Ronaldo’s red card can be put down to the frustration of not dispatching a side from the lower reaches of the league table until the very last knockings. A Gareth Bale special allowed Los Blancos to exit the scene with a very undeserved three points.

Perhaps of more concern is the way in which Real capitulated, again, at the Vicente Calderon. Atletico Madrid have held the upper hand in this fixture for the last couple of years, but not even they would have expected to have beaten their cross-town rivals so comprehensively.

Indeed, the 4-0 scoreline was fully deserved, the Rojiblancos outplaying their opponents in all departments. Carlo Ancelotti has already been quoted as saying it was the worst performance of his managerial reign in Madrid, but if anyone can arrest the slump, it is the Italian.

The twin losses of Sergio Ramos and James Rodriguez to long-term injuries won’t have helped his cause, but Ancelotti is studious enough to use the entirety of his squad to its fullest effect. Jese Rodriguez could well have an extended tenure in the first XI by way of example.

Let’s not forget too that Real remain in the box seat in both La Liga and the Champions League.

Their form was always going to suffer at some point and, indeed, I detailed the same in this column back in December.

However, if we go by the old adage that form is temporary, class is permanent, then it won’t be long before Real start showing their true colours again.

That Barca and Atleti have come up on the rails in La Liga has merely made life in the Spanish top flight interesting again.

The simple fact is, if Real continue to win their matches, including El Clasico in just over a month’s time, then they take the title — and it certainly isn’t beyond them to pick up the pace again.

The Champions League tie against Schalke is virtually done and dusted already. A team that lost 9-2 on aggregate to Real last season have evidently improved, but not anywhere near enough to be able to overcome a 2-0 deficit with a date at the Santiago Bernabeu to follow.

Once their quarter-final berth is assured, Ancelotti and Co. can look forward to putting all of their efforts back into the title chase with their injured parties, and almost certainly their form, returning.

They might be down, but Real Madrid are certainly not out.

— The writer is a freelance journalist and Spanish football expert