| Real Sociedad beat Gimnàstic Tarragona 3-2 (H) on 3 Nov 1946 |
| Gimnàstic Tarragona beat Alcoyano 4-2 (H) on 27 Oct 1946 |
| Alcoyano beat Racing Ferrol 2-1 (A) on 13 Oct 1946 |
| Racing Ferrol beat Granada 3-0 (H) on 29 Sep 1946 |
| Granada beat Barakaldo 3-1 (H) on 6 Oct 1946 |
| Barakaldo beat Racing Santander 2-0 (A) on 22 Sep 1946 |
| Racing Santander beat Real Zaragoza 3-0 (H) on 3 Nov 1946 |
| Real Zaragoza beat RCD Córdoba 1-0 (A) on 29 Sep 1946 |
| RCD Córdoba beat Levante 3-2 (A) on 3 Nov 1946 |
| Levante beat RCD Mallorca 3-1 (A) on 6 Oct 1946 |
| RCD Mallorca beat Málacitano 2-0 (H) on 20 Oct 1946 |
| Málacitano beat Real Betis 1-0 (H) on 13 Oct 1946 |
| Real Betis beat Hércules 2-0 (H) on 6 Oct 1946 |
| Hércules beat Real Sociedad 4-1 (H) on 29 Sep 1946 |
HWC: Thick arrows show the earliest chain of wins that passes through every team and returns to its start.