2005 Chevy 1500 5.3 Trans Problem

[Itsme7]

Hey everyone. Just got in from having my truck towed. Its a 2005 Chevy 1500 5.3. I was driving along, then started hearing almost like a whoosh sound, and felt like the trans was slipping. Costed to the red light, try and accelerate and nothing. Acts like i am in neutral in all gears. Managed to get the truck off the road. I checked the trans fluid, and its at the correct level. No fluid on the ground. When i turn the truck off, and restart, it will grab a gear for approx 5-10 seconds and then will act like its in neutral again. I havent the slightest idea of what it could be. Luckly im good friends with a guy that works at a trans shop, got a tow for the price of fuel, and will be working on it this weekend, only cost will be parts. So im wondering, has anyone had this issue before? What does it sound like it could possibly be? Friend says the typical cost for a full rebuild for someone who comes into the shop is around $2400 including labor, but since im only paying for parts, around $900-$1000 in parts. Thanks for any advice.

[Itsme7]

After doing some reading, it might be the trans pump. I will post back what the findings are.

[neonhomer]

If it will engage for a few seconds after restarting, it might be an electrical issue (solenoid packs).

 

$1000 for parts? I'm not too sure about the 4L60E, but I rebuilt my 42RE in my Jeep, and I spent around $300 for parts, which included a new torque converter, seals, steels, clutches, direct pack spring & it's thrust bearing, and a replacement rear planetary.

 

I picked up my parts from a local tranny parts supply house.