Your elbow should be at 90 degrees. One thing to note though is that even though it is at 90 degrees your upper arm doesn't have to be parallel to the ground. The 90 degree angle still remains if your upper arm is not parallel to the ground. If you don't know what I mean just tell me. If you are willing to buy a DVD to improve your shot then I would recommend Better Basketball Better Shooting 2. I have had many bad shooting forms and it really helped to make my shot look great. This is a picture of Kobe Bryant shooting with perfect form.

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Justin Dent
Height: 6,3"
Weight: 145lbs
Standing Vertical: 21.25 inches
Wingspan:6'3
Currently doing a strength program.
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Go Pistons!