Starting with the chart that I posted last night, we see that SPX gapped up then slipped modestly back down into ~11:30 before recovering. Not clear if we are still on this roadmap or something slightly different. If you wanted to critique this chart, the biggest problem is the drop from the close of last Thursday does not have a five wave look on this time frame. I counted out this way based on how the intraday futures looked post Thursday, but if we were a purist, we would say that the decline is better counted as a three wave decline.
Running with the idea of a three wave decline from last Thursday results in something like this for an alternate count. Maybe not as immediately bearish but not that different then the chart above, just different targets for the bounce.
And last, take a look at this 240-minute chart of the Dow futures. This is a similar idea to the chart just above other than it treat everything since the late August low as part of a larger corrective form. As I type this, YM is stalling against the 50% retrace which would be an aggressive early target for [C] of ii.
Good luck this afternoon. Remember, easier trading is often found on the day after the FOMC announcement. If you do step into the fray today, reducing your size is a good idea.