2-3 shift flare

[01EXFTW]

I have an '00 XLT w/ a 4.0 SOHC and 5 speed auto, 120k miles. A few days ago i went to pass someone and it down shifted and never found a gear, the revs just screamed up hitting a governor, i took my foot and then lightly applied it again and it was back in the top gear. Eh, it's happen in my Mustang before and nothing came of it ever. The next day i noticed that there is a little flare in the 2-3 shift. Not bad, just really annoying and discomforting. I have read the 5r55e vb diary and it sounds like that is my problem to me. My only question is the missed shift and why the sudden problem, is it the EPC solenoid going bad? or maybe the gaskets in the vb blowing out? I guess I won't know until going in, but just wanted to make sure that my syptoms seem inline before tearing it all open. Any thoughts?

 

[01EXFTW]

Now this morning in am seeing the OD Light flashing. What does that mean?

 

[BrooklynBay]

Welcome to this forum! A flashing OD light means that there is a code that was stored. It's the equivalent of a CEL for the transmission.