Join Date: Apr 2005
Location: Des Moines, IA
Bikes: 04' Specialized Roubaix, 05' Specialized Stumpjumper, 96' GT Saddleback (eventual single-speed)
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Sure sounds like ITB syndrome! (type it into Google, and you'll find an endless list of hits). It's considered a running injury, but is becoming more and more common among cyclists (typically caused by improper bike fit).
I had the exact same issue come up appx 5 weeks before the tri I completed this past Sat. I ended up NOT running for 3 weeks, but kept biking. Tried to run again, pain was still there! Then I gave up running and biking for the final 2 weeks prior to the tri, and did ITB specific stretches, Ibuprofren, with daily icing. Knee still had some issues, but it was relatively pain-free for the race. If you have a while before your event, make sure and take care of it NOW, so you can enter the race in good shape!
A couple chiropractor visits, with some massage really helped me right before the race (to loosen up the pelvic area, which can be the cause of ITB in the first place).