However, the hosts were left furious with referee Cesar Muniz Fernandez as after failing to show Sergio Ramos a second yellow card for a clear bodycheck on Coro in the first-half, he pointed to the spot in the fourth minute of added time when Pepe fell to the ground under pressure from Carlos Sanchez.
Ronaldo had put the visitors ahead from a free-kick early in the second-half, but Richmond Boakye thought he had rescued a point when he headed home in the 91st minute before the late drama.
"I am not happy, we need to play differently," he told a press conference.
"We didn't control the game in the second-half after Ronaldo's goal and it is obvious that I am not happy with the game. The result doesn't suffice, we need to play better.
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"They played well. They were compact and they deserved to equalise because they finished the game very well."
Elche had also started the brighter side and Real had goalkeeper Diego Lopez to thank for preventing his side from falling behind for the fourth time in six league matches this season.
Javi Marquez also fired wastefully over as the hosts continued to press and they were rightfully infuriated when Fernandez awarded a foul when Ramos chopped down Coro but didn't show the Spanish international the 18th red card of his career.