Hi Lashelle,
I have a Cyc. that I bought last September when it was full of green leaves and with beautiful blooms (all of which have dried and fallen off...just have the two pseudobulbs), but don't have much experience with it. I just have some knowledge. As long as the pseudobulb is green, hard and not too wrinkled, it's fine. If the pseudobulb becomes too shriveled, you should water a little. With mine, I
lightly mist the top of the potting medium and any exposed roots once a week since I live in a rather low humidity environment. Sometimes I even skip misting for the week!
That's all I can offer. I know it's not much help. I'm with you with the waiting for new growth and looking forward to hearing from someone with more experience with Cyc.
Oh, here's a link to the Cyc culture. It's easy to understand/follow.
http://www.taygeta.com/catasetum.html