Well, the Error light indicates Paper jam and system error/faulty, but the pattern of "error light flashing" is different and little abnormal.
There's no much troubleshooting methods for this printer with the error, but you can try these if you haven't; first please check for paper jam, visible or not visible, please open it up as you do when you install the ribbon and look around for pieces of papers or any foreign particles.

I hope you know how to remove and install the ribbon of your printer, if you have problem please refer to the user manual's pages 2 to... (click here to download the user manual)
If this isn't helpful, turn off the printer, remove the power cord and leave it Off for few minutes again restart the machine and check whether the problem persists or not.

In case both these tips don't help, it must be a fatal system error which i can assure you that it can be repaired, your only option is to call a technician, so that he/she can personally inspect the machine to find out the culprit, there's no possibility from my side without the machine being physically diagnosed by me. I hope you understand the condition.

Anyway, I wish you Good Luck.

Thanks for using FixYa.