Melco Crown Entertainment traded to a 50% retracement level today. This was projected in the prior post after MPEL traded to a possible wave A low of 5.55 on 12/14/10.
MPEL could continue to trade higher to 6.56, a 62% retracement, if this B wave correction is to continue. However, look for trading in MPEL to be contained by the previous high of 7.13-7.20 if any more momentum gathers beyond these retracements. This prior high should hold until the 5.55 low is again tested or broken completing the prior trends correction.
