Spain, King Alphonso Xiii

Both state "the overprint displaced strongly upward"

The second one appears to refer to "segnatasse" being at the bottom of the stamp. I would expect that to have the displacement much higher than in you example.
The first one mentions that "segnatasse" is "on horseback." I am a bit stumped as to what exactly it means. But "a cavallo tra" appears to mean "halfway between." Your expert confirms yours as such.

@NSK
"Segnatasse" is part of the overprint.
The middle stamp has Segnatasse's S at the upper limit of the teeth.
Any movement upwards implies the appearance of the "a cavallo" variety.
One more upward movement results in the total disappearance of the "Segnatasse" from the top of the stamp and its appearance at the bottom (variety 3 - "basso")
The stamp on the right shows that the overprint is shifted downwards but it is not considered a variety because the overprint value (0,60) is the reference element.
Taking as reference "0,60" on the same rule three other varieties appear (I think so, I didn't check the catalogue)

@Cupram,

I know what segnatasse means, and that it is part of the overprint.

A cavallo means "in the middle." I do not think "Segnatasse" "a cavallo" means any upward shift, but shifted upward so it is placed between the stamps, i.e., over the perforations. "Basso" means at the bottom, as you write. This would be an upward shift - the description expressely mentions an upward shift - that places the word "Segnatasse" fully at the bottom of the adjoining stamp above it. Unless your example is from the bottom row of the sheet, it will show "Segnatasse" at the bottom of an indivivual stamp.

In your last post, the 30 centesimi is "a cavallo," the 40 centesimi is a shift, but not "a cavallo," and the 60 centesimi is shifted downward.

In fact, considering the star on the 40 centesimi obliterates the original value, that appears to be as close as, or closer to the normal one than the 60 centesimi that also is misplaced left.

The star was meant to obliterate the value tablet.