Transsmision trouble????

[kjamison]

Hello I have just had a major problem come up with my 98 chevy extd cab 1500 pickup it is an automatic 4x4 with a 350 engine and the problem i am having is that after about 2-5 minuetes of running there is absolutly no power to any of the gears this came up very sudden within just a few miles of driving, when i tried to accelerate the vehicle felt as if i were power breaking this however did coincide with being almost a quart low on transmission fluid ( not much of a car/truck person i check the fluids infrequently at best and it doesn't use hardly any oil) after i turned the truck off i left it set for 3 hours and the tried to drive to the auto parts store 2-3 miles away and ended up coasting most of the way there as i had no power. Heres were i hope you can help i have no idea what exactly is wrong the code given is transsmission slippage and my dad hopes it could be the torque converter. any suggetions will be a big help. Thank you

[wpnsgy]

Low oil and slippage is a very bad sign when was the oil changed Last?? if ever??? My instinct tell me you need a new tranny

[kjamison]

no idea before i got i in 2006