Deformation and wobbling of a liquid drop immersed in a liquid matrix were studied under mild shear conditions for various viscosity ratios. In situ visualization experiments were conducted on a homemade transparent Couette cell incorporated to the Paar Physica MCR500 shear rheometer. The effect of drop or matrix elasticity was examined and was found to play a major role in both deformation and wobbling processes. Experimental results were compared to Jackson and Tucker (J Rheol 47:659-682, 2003), Maffettone and Minale (J Non-Newton Fluid Mech 78:227-241, 1998) and Yu and Bousmina (J Rheol 47:1011-1039, 2003) ellipsoidal models. It was found that the agreement between the Newtonian models and the experimental results required an increase in the drop viscosity. Such increment in viscosity was found to scale with the first normal stress difference.