Tranny Probs Need Help!!!

Heres the deal. I was drivin down the road at like 55mph and then for no reason at all the tranny dropped out of OD into 3rd then the rpms went up and then it shifted back into OD. Then it did it again the same exact thing like 4 times on my way home. I checked the fuid its fine. Does this mean i am screwed and need a new tranny? Please help me out guys. I'd appriciate any help i get. Thanks

Jay

The '94s were known for doing this because of a failing MLPS. This is the switch that is located on the outside of the trans on the drivers side. It tells the EEC what position the gear selector is in. In 1994 the part wasn't very waterproof, and tends to fail, when it does the EEC thinks you are moving the shifter aound, and tells the trans to change gears. Starting in 1995 the part has a red rubber gasket that is visible between the two halves of the case.