Your orchid is certainly in 'All systems go' mode.

The word "terminal" just means relating to the end of something. When we talk about a terminal spike, we do not use the word the same we use it when we talk about terminal brain cancer. If you have a terminal illness, it will bring you to the end of your life and you will die.

When we talk about a terminal spike, that just means the spike has developed from the terminus of the plant, or the end of the plant that is growing. The plant will grow no new leaves from the top of the plant were the terminal spike emerged, but the plant will not die. It will produce side shoots. The will come from the same places where normal flower spikes typically emerge.

Your plant will be fine. You need not worry. It will grow from a different direction, but it will continue to grow and flower. "Terminal" here has nothing to do with death, just with the spike coming from the "end" of the plant where new leaves typically emerge.