Great photos, nice one!
Ok, looking at those everything
looks very good and in order; no sign of water damage or burnt patches anyway.
The capacitor on the right hand side, with the white anti-vibration glue under it: is the top of it swollen? It's hard to tell from the photo, but a swollen top on a cap would indicate it's dried out.
That aside, I'd be carefully checking all the soldering on the underside for dry joints and I'd also check the contacts on the relays there for dull or burnt patches.
If all that checks out and you can't spot any obvious fault, re-assemble it and run TEST MODE, which will run down the inputs and outputs.
http://www.volvo-480-europe.org/volv...m/selfdiagnose
If you are very careful, it's possible to run these tests with the top off the CEM and actually watch to see if the relays are clicking back and forth OK.
If you find the indicators are driven correctly in test mode, I'd suspect the switches, or as you've replaced them, the wiring and grounding running to them or the hazard switch unit.
If you find the indicators don't work correctly in test mode and the relays don't move, then the CEM is at fault.
If you find the indicators don't work correctly in test mode and the relays do move, then we are not any further forward!
Chris...