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It could indicate another issue but mine flashes sometimes and when I check the fault code its a miss-fire detection. Mine usually does this when its at full temp and left on tick for a few mins. Turning the engine off and on gets rid of it and its fairly random. Hope this helps.
There's a few ways of checking but non of them are DIY i'm afraid as you'll need access to a minimum of a 2-channel scope and go thru each ignition coil one at a time. Flashing MIL's are **almost** always caused by faulty ignition or injection though not temperature.