Will may oncidium survive?
 

Last year I got an Oncidium X Miltona at my local show. It had one Small (about 1cm tall and has a small little leaf) pseudobulb, a medium pseudobulb, and one pseudobulb that was plump, and had two leaves and had flowers. It flowered well and when it ended flowering all was fine. The day before I went on vacation I was watering my orchids and I found that the bulb was rotting. I learned that I was suppose to cut the bulb off and put cinnamon on it. I also repotted it, but it had no roots. It has done nothing for a while and has shriveled up. However, recently I got two small roots and I got excited. To my surprise I also found two new pseudobulbs at its base. Now I had hope! Unfortunately I must had hit the roots when I was looking the plant over and I found both roots, which are about 1 cm long, had black dots at the end. Will it create new roots? If not will the two pseudobulb still develop?

Can you post some photos of the roots/ball of the plant and maybe some pics of the foliage as well? Maybe it will be easier for someone to chime in if they see what is going on :)

Pics would be nice.

However...

Just based off what you describe, do know that the roots to Oncidium can branch off new roots from an older one.