Real Madrid is always the favorite in various competitions, but that will never be a guarantee that they can win the title. Of course La Liga is within reach considering that Girona and Barcelona have left the competition, but the season is still quite long so it doesn't make sense to make Girona and Barcelona compete for the title again until the end of the season.
Girona and Barcelona are still closely to Real Madrid and the league competition is not over yet. Real Madrid must continue to win some of their matches in La Liga then they can wait for bad results from two competitors and get chances to win the league earlier than the season ending.
I hope Ancelotti never underestimates any team until the end of the season because losing even two matches could increase the risk of failure for Real Madrid in their title race this season, so they must remain focused even though the Champions League matches this season are very tough.
He is an experienced coach and a careful man. Through his long coach career, he already experienced many things, success and failures to know that nothing is achieved till the final whistle or a last match of season.
He will have to diversify Real Madrid resources to both La Liga and Champions League and with many star players in Real Madrid, he can rotate them properly to secure advantage in La Liga and win it while chasing Champions League trophy.