The yellow arrow up light is telling you, you have a fault with the ride height control system usually a bad ride height sensor on the back axle
The yellow arrow flashing is a fault in the transmission. Most likely a fault PnP switch. Your vehicle (Volvo) does not have a ride height control system.
4th gear disengagement:
The 4th gear is engaged automatically after the transmission has shifted through 1st, 2nd and 3rd gears
at certain speeds and loads. By pressing in the button at the rear of the selector level, the 4th gear can be
disengaged, thus providing a three-speed transmission. As a reminder the
? light on the dashboard
glows. By pressing in the button again, the transmission reverts to four-speed operation and the
?
light shuts off.
This is straight out of the owner's handbook. What this indicates is that there may be a problem with the shift solenoid. On the highway, does is seem to rev high? Can you press the button on the shifter and have the light go out? let me know.
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