Making the short trip across Madrid to El Estadio de Vallecas, Real Madrid knew this wasn’t going to be a simple task at a venue where they have only been victorious once in their last four.
And it looked like that run was going to continue, as Rayo got off to the perfect start taking the lead inside four minutes.
Jorge de Frutos was twisting Fran Garcia in and out down the home side’s right flank, before lofting a delicious ball for Unai Lopez to head home.
There was a sense of shock from the visitors, and it took until the 14th minute to create their first chance, as Rodrygo forced a save out of Augusto Batalla with a shot from a tight angle.
Carlo Ancelotti’s men struggled to impose themselves in the contest, and instead went two down on 36 minutes when Abdul Mumin was left criminally unmarked from a Rayo corner, allowing the defender the simplest of headers.
This proved the catalyst to spark Real into life as they scored twice in quick succession to level the scoreline before half-time.
First, Federico Valverde drilled an unstoppable effort into the bottom corner from distance.
Then, as teams often do in a championship campaign, the visitors levelled through Jude Bellingham, who looked like a centre-forward, showing great awareness to nod home from Rodrygo’s cross.
Madrid thought they had completed the turnaround and taken the lead on 51 minutes when Luka Modric provided a quarter-back-esque pass to pick out Arda Guler, who headed home, but the Turkish youngster saw his goal ruled out for offside.
The disappointment didn’t last long for the visitors, however, as Rodrygo delivered a brilliant goal to make it 3-2.
Following a spell of possession, the Brazilian showed quick feet, dribbled past a defender, and unleashed an unstoppable effort from the edge of the box.
That lead didn’t last long though as Rayo levelled just after the hour mark. After failing to clear a set piece, Los Blancos were made to pay, as Florian Lejeune’s cross was poked home by Isi Palazon.
With six goals in just over an hour of play, it looked like there was going to be an entertaining, frantic ending to the contest, but in an anti-climax, neither side was able to find a fourth goal. Instead, the points were shared, which is a blow to Ancelotti’s Madrid who could have moved top ahead of Barcelona’s match against CD Leganés. Meanwhile, Rayo miss out on moving into the top half and remain in 13th place.