House and Senate Democratic leaders predicted Wednesday that they could take back majorities in both chambers in 2018, after seeing the positive election results for their party on Tuesday night.

Senate Minority Leader Chuck Schumer, D-N.Y., said Tuesday’s big victories in the New Jersey and Virginia governor's races mirror those in 2005, when Democrats made gains before the midterm elections of former President George W. Bush’s second term.

“You could smell a wave coming,” recalled Schumer, who then headed the Senate Democrats’ fundraising arm. “The results from last night smell the same way. Our Republican friends better look out.”

Senate Democrats are just three seats from retaking the majority, but the climb is much steeper in the House, where Democrats would have to win 24 seats.

Still, House Minority Leader Nancy Pelosi, D-Calif., said “the door is certainly open for us” to win back the House. She said Republicans are also coping with retirements while Democrats would “get the fresh recruits.”

Schumer said Tuesday’s results show “a rejection of both the president and his policies, which his Republican colleagues in the House and Senate are blindly following.”

Democrats held the news conference to announce a tax proposal to counter the House and Senate plans to slash corporate tax rates. They are offering a proposal that would reverse corporate tax cuts if they do not result in new jobs and wage growth for workers.

Schumer warned that Tuesday’s election results should be a “giant stop sign” for the Republican tax plan, which he said hurts the suburbs by eliminating the state and local tax deduction.

“We are saying to our Republican colleagues, if you continue to try to eliminate the state and local tax deduction, you are going to kill suburban legislatures, who are already in trouble because the suburbs don’t seem to like Donald Trump.”

In Virginia’s election, Democrats eroded a significant GOP majority in the state legislature The balance of power now hinges on several race recounts.