Answer: It depends on the type of orchid you are growing. Some bloom only once and others will develop several flowers on the same stem. Since we don't know what kind of orchid you are growing, let's play it safe - cut off the spent flower but leave the rest of the stem alone. If it is goind to flower again you will see action within the next 3-4 weeks. If nothing happens, you can cut the stem down to foliage level.
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