Looks that the LLC of Irene is just to the NE of the blob of convection on the south end of the storm. That would put it about 22N,54W. I don't think it's a wave - just the opposite. I think she is back to TS status with convection over the center and banding features starting to form. I wouldn't expect rapid intensification due to the light northerly shear and dry environment - but slow intensification from here on out. I thought earlier the storm would vanish when it's LLC was exposed w/o convection, but she's managed to pull it back over. Amazing, this storm will just not die.

http://www.ssd.noaa.gov/PS/TROP/DATA/RT/float2-wv-loop.html