Follow these steps:

 

1. check for any stuck paper or any obstructions in the paper path.

2. remove both the cartridges out of the printer and restart the printer.

3. try with each cartridge. take out the color cartridge and restart the printer. then take out the black and put the color one and restart the printer. check in both cases if the status light stops flashing.  if it stops flashing with any cartridge, then the cartridge that is out of the printer is causing the issue. replace it.

4. Check the ink levels in the cartridges from printer solution center.

 

Generally the status light keeps on flashing because of any of the above issues.