Those codes are symptoms of a slipping transmission. Basically, you have the input speed sensor comparing the output speed and concluding that something is not matching up. That's why you have the engine racing up and down because your friction discs are likely worn away or you have another valve body issue. Yes, it could also be low fluid but get this thing checked out before you ruin it.
check the fluid hot and also get a sample of it to see the color. What year and mileage is your vehicle?
check the fluid hot and also get a sample of it to see the color. What year and mileage is your vehicle?