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A noun in The Etymologies of the 1930s glossed “dream” derived from the root ᴹ√OLOS of the same meaning (Ety/LOS, ÓLOS). It replaced a deleted form oll (EtyAC/LOS). It had an abnormal plural form elei “dreams”, derived from primitive olosī, where the intervocalic *s* was lost resulting in a diphthong. Following Sindarin plural patterns, the result is more likely to be ely “dreams”; see thely < ✱tholosī the (archaic) plural of S. thôl (PE17/188).
Conceptual Development: The Gnomish Lexicon of the 1910s had some similar words: G. oloth or olor “a dream, apparition, vision” and G. olm “a dream” (GL/62), all based on the early root ᴱ√OLO (QL/69).