The Day After

The protests on Independence Square in Kyiv have turned into one big party with music and smiles. If it weren’t for the camp of Pora! (It’s Time! student movement) an uninformed observer would think that this is a local rock concert. The peaceful crowd of at least 50,000 is signing and dancing in the -1C weather (although it feels like -10C!), while the Verhovna Rada (the Ukrainian Parliament) is mulling over the election results.

At this point, there are two options:
The Rada can pronounce the elections as legitimate and ask Yanukovich to take the oath as the new president of Ukraine.
or
The Rada declares a state of emergency. No president is elected and Kuchma (the present president) stays in power.

What will it be?