Since the light came on and is flashing it is probably an electrical issue and can probably be repaired without replacing the transmission. The first thing you are going to need to do is have the codes retreived. AutoZone offers this service for no charge. Once you have the codes I can offer more help but it is almost impossible to go any further without the codes. The transmission computer is the same as the engine computer. It could be anything from a speed sensor, shift solenoid, tcc solenoid, epc solenoid etc. More than likely because it is shift related it has something to do with the shift solenoid but which one. We can determine that after you codes. I hope this helps. An accept would be appreciated.