Cut just above the highest node on the spike that didn't have a flower. This will leave you with the maximum number of nodes that might branch and flower again. You might want to wait for a few weeks after the last flowers fade though. As fishmommy said, sometimes you do get more flowers at the end of the spike. As long as they are growing new leaves there is never any need to give a mature plant a 'rest'.
Just be aware that the hideous blue color is from an artificial dye that is injected in the spike. Eventually the dye will fade from the plant and you will have a natural but generic plain white Phal with no name.
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