A flashing yellow light means:

Do not proceed until the light has stopped flashing.
A red light is coming.
Proceed with caution.
You must prepare to stop.
Explanation

A flashing yellow light is a warning signal at intersections. It means you do not need to stop, but you should slow down and proceed with caution. Be especially alert for cross traffic, pedestrians, or other potential hazards. Yield if necessary and be prepared to stop if the situation requires it.

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