Different Phals will find different ways of blooming. Some, like yours, will open a few flowers, then, once they fade, will produce new buds. Others will grow huge, branching sprays which will open in sequence but so that almost all of the flowers are open at the same time. Still others just keep growing and growing, constantly producing new buds. I have a Phal. Intermedia which has bloomed nonstop for about 2 years and on which the spike has become so leggy that despite staking it, the spike has grown to about 5 feet in length and now hangs from the stake and about two feet below the plant; the same plant is now producing a second spike.
I wouldn't cut the spike on yours. Just enjoy it.
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