How to proceed with this Catasetum?

[mexicowpants]

Rescued this catasetum from massive overwatering as it was coming out of dormancy a year ago. New growth died, but got it to put out another.
It's now getting to the point where I would normally be stopping watering, but it's got something growing down the bottom of the new PB -- hoping it's a spike, though still not sure.
Question is -- how to proceed with it? If it's a new growth, I'll obviously stop watering until the roots are sufficiently developed. However, if it's a spike, I have no idea what to do (my other catasetum always spikes WELL before the leaves start dropping). Do I keep watering and fertilizing? Water only? Stop watering like I normally would as per the state of the leaves?
Gut reaction is telling me to keep watering and fertilizing until it flowers (if it IS indeed a spike), but just wanted to check in with some more savvy growers first.

Cheers!