What does the term Whipsaw mean?

Chart pattern

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A whipsaw is a chart pattern which is formed when the price of a security moves in one direction,quickly retracts and moves significantly in the other direction.

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whipsaw simply means that the market has no direction. its trading in a range.

you may want to see this post-

http://tradingqna.com/4659/from-20-may-14-bank-nifty-not-getting-any-direction?show=4659

Suppose you are long on a share buy @100, Target 150 and Stoploss 80.

The share price hits 150 but before hitting the target it eats away your stoploss ie, it touches 80 and than moves towards 150.

This is called Whipsaw which is an enemy of the traders.

Whipsaw in the trading parlance means movement of the scrip in both UP and DOWN direction, within a short interval of time.