Okay, fair enough.
I think your question is almost too simple to yield a relevant answer. So, the answer you got from Jim is right, but I’m not sure it’s exactly useful. Did it clarify anything for you?
You have set up a rigid inequity (he’s stuck in a well) but since it’s isn’t grounded in anything, it’s too easy to make into something else when put into the context of a richer story. That’s why I can’t give a Yes or No answer.
A Situation is a problem when a fixed, external thing forces a character into a perspective. After this, I have to go with examples:
A guy falls into a well. He gets saved from the well. Now he’s got the reputation of a guy who fell into a well. He’s no longer in the well, but he’s still in the same Situation. But the only real way to know this, to express it, is to do something where this is a problem. He can’t get into a club, because the bouncer thinks it will make the club look bad.
A guy falls into a well. (I’m going to write out a Mind:Contemplation
story here.) He thinks of himself very highly, so much so that he can’t imagine people won’t come looking for him. But time passes and he starts to doubt. The problem, he realizes, is that he has reduced his understanding of the situation as something based entirely on his ego and how much he thinks other people like him. But after doing some reevaluation (“I did get rejected by Jennifer when I asked her out”) and some evaluation (“I think I’m getting hypothermic.”) he comes around to the idea that he’d really better start a new plan. Voila! He starts – Production – screaming!
Now, this would work as a short story. But I bet once you wrote it out, somebody could come along and say, "Hey … I see Future (he wants to get out), Past (Jennifer rejected him), Progress (“I’m getting cold”) and Present (time passes).
So, it really matters to put these things into a larger context, or they lack the perspectives necessary for a Grand Argument Story, and for helping you understand the tools of a Grand Argument. If you put this into a GAS, you’d have to consider so many other things (how did he get into the well?), and this bit would get put into its place.
PS.
It’s not bad that this little thing can get reframed as Situation, even when it was considered as Mind. It’s not a complete story, and it’s not trying to be one.
PPS.
I did not plan ahead to make this something I could reframe as a Situation. I just improvised a paragraph while walking through the Theme Chart. I think that’s cool that it so easy shifted from one to the other!
PPPS.
M. Night Shyamalan has our favorite stuck-in-limbo character (Malcolm in The 6th Sense) but he’s a be-er, and not in a Situation. This fooled a lot of people for a long time.