orchid spikes & their blooms?

I have a oncidium orchid that I bought a year ago in full bloom, so short time later all the blooms have since dropped. The flower spike is still green and lively but has not bloomed again since, on some of the lower nodes of the spike it is SLOWLY growing what looks like new flower spikes. Should I cut back the stem some to allow the plant to focus more energy on the new growth? Or will new flowers eventualy grow on the existng flower spike.(a spike that branches off into 3)

More info on the plant itself:

Is in all its original pot and medium, watered once a week, fertilized once a month.

The orchid is in a pot proportionate to the overall size of the plant. The foliage of the plant is very healthy and appears to be getting enough light, lots of new green foliage.