The phrase "only indicates" is grammatically correct and can be used in written English.
It typically means that something is suggesting or pointing to a specific thing or idea, without explicitly stating it. Example sentence: The study's findings only indicate a correlation between stress and heart disease, not a causation.
A gas gauge only indicates how close the gas tank is to full, much as relative humidity only indicates how close the air is to saturation.
He said the regime's policy of terrorising its people "only indicates its inherent weakness and inevitable collapse".
Despite the numbers, the order only indicates which ones tumbled out of our heads first.
However, the cardigan and tank top have now been discounted — but perhaps that only indicates how few people can pull off mustard yellow.
Rowling fans will point out that all these obstacles crop up in the original, but that only indicates how cinematically she conceived her saga from the beginning.
This description only indicates the consequences of great-power struggles during the Cold War and the subsequent neglect that allowed the Taliban to gain power.
This is Kafka's blackest work: evil is everywhere, acquittal or redemption is inaccessible, frenzied effort only indicates man's real impotence.
The fact that they are now emerging from Greece not only indicates the scale of financial distress, it suggests something else: Greece today looks like parts of Latin America in the worst moments of its financial crisis.
If the biblical Song of Solomon seems audible in the background here, it only indicates the difficulty Eliot faces in achieving the right tone.
The sum not only indicates a return of confidence among ordinary citizens, but suggests how Egypt might reduce reliance on foreign donors.
However, defocus only indicates the mismatch of azimuth matched filter.
