First gear and reverse only

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burpman

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I was getting ready to hop on the freeway when all of a sudden the rpm went to redline and i was only doing 30 mph. I was able to get it home, checked the fluid (bright red, no shavings). Sat it overnight, no leaks in driveway. Took it out, same thing-first gear and reverse only. Wont shirt into any other gear. 2005 Denali with 170k. Is it time for a tranny or maybe something computer or electrical related?
 

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