The authors start from the hypothesis that there existed a “blind-spot” in Freud's countertransference in his analysis of Elma, an ex-patient of Sandor Ferenczi. In their search for support for this idea, they review the correspondence between Freud and Ferenczi contemporary to Elma's treatment in addition to works by Freud on theory and technique. They believe to have found therein several facts which support the above idea: for instance, the diagnosis of “dementia praecox” that Freud formulated in his first interview with the patient; and some of the vicissitudes of the treatment, in particular, the circumstances which determined its termination. The Brunhilde fantasy, which Freud attributes to Elma in a letter to Ferenczi, enables them to penetrate further the possible relationship between this “blind-spot” and details of Freud's life and childhood as revealed in his self-analysis.