Welcome to OB and congrats on your first orchid! The first thing you should do is remove it from its pot and examine the roots. Many of them come in a flimsy clear pot with drainage but then set inside a non draining decorative pot. This may have caused root rot. Many of the Phals also come with moss wrapped around the root ball and then a very tight wet wad of it in the very centre of the root ball. I would recommend removing all of the moss and cutting any mushy or dried and shrivelled roots. The firm plump ones are the live ones.
There are different types of potting media to pot your Phal in and always many discussions here on OB about which is best. It depends on your growing environment and watering regime etc. I myself use a mixture of moss and bark chunks and usually a bit of charcoal or perlite as well. Many just use straight fir bark chunks. Whatever you use, soak it well and use a pot that has good drainage and is just big enough to fit the roots back in without too much extra space. If you are using moss, squeeze it out well, before potting the orchid. Let the plant nearly dry out before watering. If you use a clear pot, you can see what's happening in the pot. Green roots are still moist and when they turn silver, it is time to water. Using a toothpick or bamboo skewer and leaving it inserted in the pot is another good way to test for moisture. Pull the stick out and if it is wet, you don't need to water.
I don't usually use wax or cinnamon when cutting a bloom spike down. But if you like, a dab of cinnamon is good enough. However, if I was cutting some damage or infected area off a leaf etc. I would use cinnamon.
I hope that helps. Others will likely give you some ideas too. Good luck with your new plant and enjoy!
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