What is indicated by a flashing red light at an intersection?

• Slow down and if necessary yield right-of-way to cars approaching from the left or right
• You must come to a complete stop. Move through the intersection only when it is safe to do so
  Explanation:

  "You must come to a complete stop. Move through the intersection only when it is safe to do so"
• Signal light is out of order, proceed with caution
• Slow down and drive with increased caution