This is the interpretation
"Here is what the dream means"
The three baskets are three days
"The three baskets represent three days"
will lift up your head from you
Joseph also used the phrase "will lift up your head" when he spoke to the cupbearer in Genesis 40:13. Here it has a different meaning. Possible meanings are 1) "will lift up your head to put a rope around your neck" or 2) "will lift up your head to cut it off."
Here "flesh" literally means the soft tissue on a person's body.