Okay, so I'm no expert, but it was my understanding that you should keep it out of really bright light while it is recovering because the bright light can cause it to lose more water and it can't take up enough until new roots grow. Then once it starts to firm up, and has gotten some good root growth, but it back into the sun. Just my
I have rescued (and lost) many orchids which had been overwatered, and I think if you catch it soon enough you're okay. I definitely think that getting new roots is the biggest factor to it's survival - healthy roots means a healthy orchid!