There are no “hard and fast rules” about such things, as a multitude of things can lead to the same symptom.
In my opinion, the yellowing and dropping of a lower leaf is sometimes due to underfeeding, as the plant is forced into drawing nutrients from it to send them to newly-growing tissue.
“Pleated” leaves is a common occurrence in oncidium, not phalaenopsis, and can be due to insufficient humidity or insufficient water uptake, but that can be due to underwatering OR a compromised root system.
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