The Winchester Model 94 lever-action repeater—also known as the Winchester .30-30—is one of the most recognizable rifles ever to be produced. A staple of westerns both old and new, the Winchester 94 was the first rifle ever to be chambered for the "smokeless powder" cartridges that had replaced the old black-powder shells of the mid-to-late 1800's. These rifles are still available today—having been steadily produced from their original run in 1984 all the way up to 2006 when the model was discontinued—in used gun shops and auction houses everywhere. Because of their age, however, it can be a little confusing as to how to adjust the sights so as to make the weapon more accurate. Fortunately, once you understand the mechanics involved, it's not really that complicated.
Locate the rear sights on the top of the rifle and find the portion of the sight—called the "rear notch blade holder" or just "blade holder—that you are able to lift up.
Lift up on the blade holder to allow the notched "elevator"—the small grooved piece of metal that slides forwards or backwards—to move freely.
Use your fingers to push the elevator either forward or backwards, depending on whether you wish to adjust the aim up or down. Push the elevator forward to cause the rifle to shoot lower, push it backwards to shoot higher.
Lower the blade holder back in place to secure the elevator.