Catasetum Millenium Magic Witch Craft orchid

[sskmaestro]

Hi friends,
I am new to this forum. Staying in Dallas. I recently purchased a witch craft orchid from orchids.com

Below is the picture. It has a very tiny old dormant pseudo bulb very low in the pot and not visible in this picture.

It has one plum mature pseudo bulb which has green leaves. One of the leaves started to turn yellow and also, I see some bud like growth starting at the bottom of this pseudo bulb.

It also have a third pseudo bulb which is on its way to mature in few months

Few questions....
1. As the leaf started to yellow on the mature pseudo bulb, should I reduce watering?
2. Is the small brown bud like thing at the foot of the mature pseudo bulb a flower spike?
3. As I have a third pseudo bulb which is yet to mature, how should I consider this plant? Will reducing water impact the growth of the third pseudo bulb ?

Pictures attached. Please advise.