Every time I tightened my chain, it would get loose again. I put it up on the stand and found the chain to wobble. It gets tight and then powers through the tension. Any ideas on whats causing this?
I posted a video on Youtube:
2002 Honda CBR F4i 600 chain wobble - YouTube

 

Check for a link thats binding. Thats a sign that the chain needs replacing.

 

I ordered a new chain and sprockets. I hope that will fix it.

 

Also check that the rear wheel and sprocket are in alignment with the front tire and drive sprocket. A quick google found this.

Wheel Alignment: Avoiding the Crab Walk [Archive] - Suzuki GSX-R Motorcycle Forums Gixxer.com

 

+1

With your bike on the rear stand turn the rear tire about a 1/4 or 1/8th turn and measure the slack, If it is not the same for every measurement then you have a tight spot and the chain needs to be replaced.

Also it looked like you were near the end of that chains life as it is.

 

That's go to be what it is. Is it ok to ride on until I get the new chain and sprocket kit on it?

 

That is a very loose chain. If you can wait til you change it out b/f riding it again, that would be a wise decision. I've seen loose chains violently jump off sprockets & not only lock up/damage the bike but also injure riders. It isn't pretty in either instance. Err on the safe side & wait til your new chain & sprocket install b/f riding again.