Final answer:
The nurse interprets the findings of dyspnea, tracheal deviation, and low pulse oximetry as possible signs of a medical emergency such as pneumothorax, requiring immediate action and potential urgent medical intervention.
Step-by-step explanation:
The nurse assessing the patient with dyspnea, tracheal deviation, and a pulse oximetry reading of 86% would interpret these findings as indicating a potential medical emergency such as a pneumothorax or severe lung disease. Dyspnea, or shortness of breath, in combination with tracheal deviation (displacement of the windpipe from its normal central position) and hypoxemia as evident from a low oxygen saturation level (normal pulse oximeter readings range from 95-100%) suggest there could be a significant compromise in respiratory function. It is important for the nurse to take immediate action, including administering oxygen and preparing for possible urgent medical interventions.