From your "join date" (Dec 2010) I would guess this is not your first time using Waze from your current location. However, if you are at the end of a road segment that is not terminated, you will get that message.
See this section
in the Wiki.
In order for the Waze Application to properly route from a location on a cul-de-sac or dead-end road, the end of the last segment must have an end-node. Without this end-node, Waze will give the instruction Proceed to Highlighted Route.
You can edit the road or post a note in the Map Editing forums ((Update Requests) to have someone look at it.