What does a flashing yellow traffic light indicate?

A flashing yellow traffic light indicates that drivers should proceed with caution. This signal is used to alert drivers that there may be potential hazards ahead or that they are approaching an area where they need to be more vigilant. It does not require a complete stop, but it does suggest that the driver should slow down and be prepared to react to any unexpected situations, such as pedestrians crossing or vehicles that may be stopped in the intersection.

In contrast, the other options suggest actions that are inappropriate for this scenario. For instance, stopping and waiting for a green light is a requirement for a steady red light, not a flashing yellow. Speeding up to clear the intersection is unsafe behavior that could lead to accidents, as it encourages a driver to ignore potential dangers. Yielding to oncoming traffic implies you are entering a road where right-of-way rules apply, which is not the directive when faced with a flashing yellow light. Thus, the emphasis is on caution while continuing through the intersection.