Javascript virtual path not working

[chillout_buddha]

I am trying to implement a thickbox on my zencart setup. Everything is working fine except for the loading.gif animation image does not display when loading the thickbox. Apart from that, thickbox is working perfect.

This should be pretty straightforward but I am unable to figure it out.

This is the file structure I have:

includes/templates/mytemplate/jscript/jquery.thickbox.js
includes/templates/mytemplate/images/loading.gif

Inside the jquery.thickbox.js file, following is the path given to loading.gif:
var tb_pathToImage = "../images/loading.gif";

But the loading.gif image is not loaded. Is there another way to set a virtual path within the override system for javascript files?

[schoolboy]

includes/templates/mytemplate/jscript/jquery.thickbox.js

includes/templates/mytemplate/jscript/jquery_thickbox.js

or jscript_thickbox.js

... perhaps... ?