I finally got to watch the MV in peace.
My interpretation is that it's about a continuation of Either Way - Wonyoung.
But now it is about Gaeul's trajectory. (and IVE's in extenso)
In the start she cannot jump into he pool with the girls and can't swim without the inflatable swan (about her being a weak singer and not a visual) and they dive down and make a wish for her to be OK but when they get out from the water she's gone.
While they look for her inside the house she's roaming through the woods and still trying to call them on the phone (13 missed calls). When they finally check the phone she has already gone through the forest and stolen the "wand" from the "witches" and right as they call she comes back with it.
She lays it on the table and they all grab it and turn into those "good" fairies that eventually do a dance battle with the witches. So this is the power of the wand, and the power that Gaeul has brought back from the "witches in the woods": dance.
And she is the one who is the dance coordinator in IVE.
They also said there will be a "great" dance break for Accendio, so I think it makes sense.
In the final cuts of the battle we find Leeseo (the 2nd best dance in IVE) doing cover for Gaeul as she tries to protect this gift and Gaeul dismissing the evil Gaeul and Leeseo. (the best dancers of the bad team).
Then she opens a portal to hide the wand, the 12h pass and the bad witches disappear and it turns out that while they were dance battling the wand was stolen and it ended up into the sea.
Maybe I'm crazy but perhaps it's a diss to Big4 girl groups (NJ, LSF, Aespa)
>while we were making great music and fighting all the battles you found "success" (the wand) ready made in a fridge, stole it and lost it at sea to be found by some kids (Illit?)
So the quest to get the gift back continues.