Hogan's left elbow at setup

[yodeli]

I have always wondered what position/aspect of the left arm's elbow at setup and impact should be:

SETUP:
#1- left elbow pointing to the target
#2- left elbow pointing to you left hipbone
IMPACT:
#3- left elbow pointing to the target
#4- left elbow pointing to you left hipbone

As I naturally do the #2 and #4, I wanted to know what is right because it seems that a lot of people think that the left elbow should point to the target line...(#1 and #3)

However, if you check Hogan's Five Lessons P49 & P59 you can see that he advocates that the left elbow at address is pointing to the left hipbone (#2) (I couldn't find something about impact...).

So I saw my pro today and he told me that doing so is bad (I didn't told him Hogan was doing so!) because he said that it makes the clubhead travel to much to the inside after impact instead of going along the target line with you wrists supinating...

I could hardly believe him because to me Hogan's elbow position allows for easier SWIVEL wich we all know is a good thing...

So what should it be:
#1 or #2 at setup?
and
#3 or #4 at impact?