monn millenium magic '"witchcraft" help

[hypostatic]

Hey yall, I got this plant awhile back, and I'm a bit confused about it's culture. The flowers fell a few weeks back, and 2 of the leaves have fallen off. From what I understand I should halt watering COMPLETELY untill all the leaves have fallen off and about 5 inches of new roots have come in? Oh also, I believe it needs to be repotted, cuz the media looks sort of degraded, and the grower said that the next bulb that comes out wouldn't have room in the current pot.

Here are some current pics of the plant:




From what I understand, this is the proper culture information for this plant:
Sunset Valley Orchids - Grower and hybridizer of quality orchids, Vista CA

Any help would be greatly appreciated =]