Plain English Meaning
The exact halfway point along a leg of the traffic pattern. In standard pattern work, it usually means the spot on downwind that lines up sideways with the start of the runway, which is where you start coming down.
Full Definition
The point halfway along a defined segment of the traffic pattern, most commonly used to describe the position abeam the approach end of the runway on the downwind leg, where the aircraft is halfway between the upwind and base turns and where the descent for landing typically begins.