This is happening faster then I expected. But it seems that magma is now on the move upwards in El Hierro volcano in Canary Islands. This is evident by the earthquake patterns that are emerging from the volcano. Given the earthquake locations, most likely place for a eruption to take place is out on the ocean based on that. But sometimes magma can find different pathways up the surface without a lot of warning.
Latest earthquake map from Instituto Geográfico Nacional that shows clearly the earthquake pattern since the dike intrusion did start in El Hierro. Copyright of this picture belongs to Instituto Geográfico Nacional.
At the moment it is impossible to know when and where a eruption might start. It depends on many factors. But it is now clear that magma is on the move upwards. So far the magma seems to be around 10 km up in the earth crust under El Hierro. So it is clear that the magma is on the way up and most likely preparing for a eruption.