Give me some hope :(

[camille1585]

Terminal spikes very often have those 'leaves' on them. They are actually not leaves at all, but much enlarged bracts.

[Bud]

The terminal spike (2nd pic) seems healthy and will grow into a normal plant as long as you continue with your culture and care. I see blurred (3rd and 4th pic) thick pencil like roots=your mother plant is also healthy with the right green shade of leaf that means you are giving it correct light.

[camille1585]

I don't see a keiki on it?

[AuroraPhal]

It is very healthy plant, roots and leaves looks nice and healthy. I just want to show you guys one more weird thing. Last leaf, after which spike grow, is kinda weird, it looks like it is not fully open. What do you think? First picture is root system, rest is that weird leaf.

[Leafmite]

I would just wait and see what happens before you begin to worry. I've grown plants for a long time and the only thing I can say for certain about them is that they occasionally do the oddest things. This phal might just have decided to grow in an odd way and what looks to be a spike could end up being part of the plant's stem. We always expect plants to behave in a certain way but they just like to surprise us sometimes.
Terminal spikes are a complete mystery to me. I googled this like crazy and found no answer. My only terminal spike thus far has been with my phal japonica (Sedirea) and after it was all done blooming, I sterilized a pair of nail clippers and brutally dug/clipped out the spike just to see what would happen. It grew a new leaf and has been growing as if nothing had happened. Still, that was a radical move and I haven't read of anyone else doing this or having the same result. If you go that route, wait until the spike begins to die. There is no guarantee and if you can get some baby plants from the spike, that would be a fun bonus. Good luck and don't despair.

[Bud]

The latest pictures are now very confusing. It looks like a leaf enclosed within a leaf. Maybe its not a spike nor a keiki....maybe its just another leaf growing in a cylindrical form. Maybe you need a sharp blade and cut open a bit to see what the leaf is hiding.

[Orchid Whisperer]

Don't be too worried or upset - plant looks otherwise healthy, I suspect it will make a basal keiki after the spike is finished.

[AuroraPhal]

Thank you all once again. I cut that leaf a bit, just to "release" spike, or whatever that is, so I'm posting new pictures. If anyone is interested how it will develop, I will keep like "diary" on this thread, so I can keep you updated if you want.

[No-Pro-mwa]

Yes keep use posted, we must see oddities

[AuroraPhal]

I'm just posting update. The spike is growing, as you can see...