Do you see in the plant any signs of a lack of fert?
Yes. The older pseudobulb is dying so it can supply nutrients to the younger growth.
This group of orchids requires much more nitrogen fertilizer than some others. In general, any plant with relatively larger leaves than its relatives will require much more nitrogen fertilizer than its smaller-leaved relatives. These plants have a lot more tissue to produce.
__________________ May the bridges I've burned light my way.