This road sign means:

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Wrong Way.
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You must come to a complete stop.
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Slow down and be prepared to stop if necessary.
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You may proceed at regular speed through the intersection.
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Explanation
A 3-sided red YIELD sign, instructs drivers to slow down and be prepared to stop if necessary. It means you must yield the right-of-way to any oncoming vehicles, bicyclists, or pedestrians. As you approach the sign, reduce your speed, check for approaching traffic, and only proceed when it's safe to do so after yielding to others.
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