Too much rain ... root rot.

You got Irene and now Lee right? Bet the ground got super saturated and the roots rotted.

Definitely post a pic. One of my trachys got flooded (by at least an inch of water) during Irene and another storm (Lee did a number too), but it didnt have any ill effects, so I dont know if overwatering is your problem. If its in full sun, then I dont think overwatering would be a problem this time of the year.
My trachy fronds closed up a bit during its first year in the ground, but it replaced those fronds with healthy ones and now it looks normal!
-Alex

You need to provide more background info on growing conditions. Is it containerized or in-the-ground? Transplanted recently? Sounds like root damage and/or transplant shock. I had one do this earlier in the summer as I transplanted in high Summer in a sunny spot and this happened despite my regular watering. I ended up digging it up, and containerizing it already for the season. Now in the shade, it's finally growing out of whatever was bothering it.

It's in a large pot. Tomorrow I will post some pictures. This is frustrating. Any of you ever get frustrated with situations like these? I mean I take care of my palms why do they have to get ill?!

S.O.S.!!!

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Don't know the history of this palm but it looks like a goner.....
looks like root damage,I would imagine the spear will pull
soon and the rest of the plant will die slowly.

I suppose there is a chance it could recover but if it is the roots
(certainly looks like it)than it is very unlikely.

Was this plant shipped bare root,recently replanted or.....what?

It definitely doesnt look good. Im not sure what could have caused the decline, but I would get a new one.
Sorry to see it go! Good luck!
-Alex

As I said, I had one do the exact same thing--first time I had had trouble with a windmill. All is not necessarily lost. The leaves that are folded are gone, but your plant MAY still push new growth. Don't feel too bad, it happens to the best of us.

I bought it potted. Thank you all for your great advice.

I lost one from drought this summer. It was in a "water shadow" behind a larger rhodie; it wasn't receiving any water from the rain bird sprinkler. I never noticed that it was failing until too late. Was about same size and looked the same as yours.