Correctamundo.

If the level is low it will flash as a warning.
If the level is ok and the wires connected there's a fault in the wiring.
If it's disconnected, then it's senses an open circuit (fault) and flashes.

Same with any other dash lights that flash more than once with the iginition on: open wiring circuits. Normally brake wear sensors (if you have uprated brakes fitted) and oil light: not many have functioning dipsticks.

Any pics of your car/ resto around ??