HiCustomer There is a fault in the transmission. It can be either electrical or mechanical. When the light flashes, the computer senses a fault and sets a fault code. Then a technician will read the code and determine which system in the transmission is at fault. Then pinpoint tests are done to determine which part or parts are at fault in the system. From your symptom it sounds like you are having an electrical problem such as a solenoid malfunction or control module issue. Check your fluid, if it is dark and smells burnt, then the transmission is damaged and will need to be replaced or rebuilt. I do not think this is the case though. I recommend you take it to the dealer, I would not trust an aftermarket shop with this transmission, have them scan the computer and perform diagnostics.