What you describe could be tennis elbow, but you can't be sure without a doctor's examination. The fact that it hurts to raise your arm and you describe the pain as sharp makes me think it could be something else. I would strongly suggest you have your doctor check it out.
In the meantime, you can read more about tennis elbow, its symptoms and treatment at
http://www.healthcentral.com/chronic-pain/guide-154851-75.html
I've personally had tennis elbow on more than one occasion. What always helped me the most was wearing an orthotic brace on my arm just below my elbow. It provides a counterforce that significantly reduces the strain to my elbow, allowing it to heal.
Best wishes,
Karen