Your trans will probably fail soon. Mine made the same noise after a race. Finally I powershifted 3rd and blew a hole in the case. 
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1988 Mustang GT
stock bottom 302, C4
10.9 @ 128 with 8 psi of Novi 1000 boost!----STOLEN
1989 Mustang notchback
Warmed up 306 with a Procharger.
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