The correct spelling of the phrase "were on up" is "We're on the up." In phonetic transcription, it is pronounced as "wɪər ɒn ði ʌp." The word "we're" is a contraction of "we are," which explains the use of the apostrophe. "On the up" is an idiomatic expression that means progressing or improving. It is important to use the correct spelling and pronunciation to avoid confusion or misunderstanding in communication.