The round is k1, (k50, s2kp2), the repeat is what's in the parenthesis and might not include the k1. That takes 52 sts, so maybe you do have the markers in the wrong place. You might be getting too tired to work on it more tonight. It would also help if you write out the entire round as it looks in the pattern, with the () in the right places and any *s if there are any. Then we can help you figure out where the markers go, though sometimes markers don't help because a decrease may use a stitch on both sides of a marker, so you end up having to move them.
sue- knitting heretic