Showing the status of an action on a button

I have an application that can synchronize content between a website and a social network. with a button you can turn on and off the synchronization.

the user needs to see the status (sync on or off) and the action (turn the sync on or off).

Between switching sync on and off there is a waiting time, which should see the user.

This is my solution? Is there a better way I can achieve this?

the labeltext shows the action and the bubbles show the status. while the waiting time the labeltext changes to "wait ..."