What year car do you have? On the 95 and earlier you can read the codes yourself and reset.

Are you driving with the shift lever in "3" at all? I had trouble for the first time recently when I shifted from "D" to "3", triggering a few transmission codes (including 1-1-4) and the blinking light. Driving in "D" now, the blinking light is gone. I believe continuing to drive while you have a blinking light is bad - you may be stuck in 3rd gear?

In some cases 1-1-4 (program selector) means your Sport Econ Winter switch is faulty. Some Volvo mechanics say they have never changed out a SE Winter switch. In my case it was not faulty. 1-2-4 is a "mode selector" fault and I haven't found out how that differs from the program selector. *If* you can get the light to stop blinking, try toggling the winter mode on and off and see if the arrow toggles on and off smoothly. Then switch back and forth from E to S and see if the S and E lights operated smoothly. That should verify your switch is or isn't totally hosed.

As another mentioned, some have had luck bringing their trans back to smooth operation by changing their fluid - is yours dark brown? How many miles ago was it changed?

I don't believe there is a 3-4-1, but I could be wrong. You can look here:
http://www.volvospeed.com/maintence.htm and check under "DTC codes".

If you can figure out the third code, it would greatly assist someone here helping you.

Good luck!