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Almost. The yellow arrow lights up if you are beyond hand-holdable speed (IIRC 1/30s) - the Electro 35s can handle another whopping nine to eleven EV beyond that point, so that you are more likely to run out of focus vision or into reciprocity errors than into their lower limits. Red, on the other hand, is the instant threshold to overexposure, which won't matter much for one f stop or two when shooting B&W and even for three or four stops on modern consumer CN stock, but should be strictly avoided when shooting slide.
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