Chesapeake Corrective but High Risk

Chesapeake is currently on our radar with a rather messy corrective wave. There is a sell setup marked with the trend line which we would where we may short after a retest & rejection.

We probably won't though as there are concerns that it has already fallen very far! The other big us energy stocks still had a long way to go down which indicates to me the market has less confidence with this company relative to the others and therefore is a bigger risk of going bust than any of the others.

The better bet would probably to wait until there is a buy setup on that and if it's still around consider going long.