Orchid after flowering

My Phalaenopsis has stopped flowering and the blooms have all fallen. The spike has been bare for about 4 weeks now. Should I cut it down and if so exactly where on the spike

 

I cut down to the next slight bump in the flower stem passed the lowest flower stalk.
That way a new flowering stem comes out from that position, what ever you do dont cut it right down to the leaves.

 

Many thanks Pete