What does a single flashing red traffic light (una luz roja intermitente) indicate to an approaching driver in Chile?

1. It has the same meaning as a PARE sign, so a complete stop is always legally required
2. It means CEDA EL PASO: reduce speed, give way to traffic on the other road, and stop only if necessary to avoid a risk of collision
3. The driver should maintain speed and yield only to emergency vehicles
4. The light is out of service and may be disregarded