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By the Telescope Conjecture for Module Categories, we mean the following claim: "Let R be any ring and (A, B) be a hereditary cotorsion pair in Mod-R with A and B closed under direct limits. Then (A, B) is of finite type." We prove a modification of this conjecture with the word 'finite' replaced by 'countable'. We show that a hereditary cotorsion pair (A, B) of modules over an arbitrary ring R is generated by a set of strongly countably presented modules provided that B is closed under unions of well-ordered chains. We also characterize the modules in B and the countably presented modules in A in terms of morphisms between finitely presented modules, and show that (A, B) is cogenerated by a single pure-injective module provided that A is closed under direct limits. Then we move our attention to strong analogies between cotorsion pairs in module categories and localizing pairs in compactly generated triangulated categories.Comment: 31 pages; minor changes, typos corrected, references adde

In [H. Krause, O. Solberg, Applications of cotorsion pairs, J. London Math. Soc. 68 (2003) 631-650], the Telescope Conjecture was formulated for the module category Mod R of an artin algebra R as follows: "If C = (A, B) is a complete hereditary cotorsion pair in Mod R with A and B closed under direct limits, then A = under(lim, {long rightwards arrow}) (A ∩ mod R)". We extend this conjecture to arbitrary rings R, and show that it holds true if and only if the cotorsion pair C is of finite type. Then we prove the conjecture in the case when R is right noetherian and B has bounded injective dimension (thus, in particular, when C is any cotilting cotorsion pair). We also focus on the assumptions that A and B are closed under direct limits and on related closure properties, and detect several asymmetries in the properties of A and B

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