Wrasses are born female. They are protogynous hermaphrodites, meaning females transition to male in the wild as harem conditions and space require. Females can/may transition to male in a closed system as well.
As a juvi, all flashers are female. As they begin to transition to male, this is what is typically labeled the transitional phase, a transitional male, or a sub-male. In this transition, it is possible for the transition to reverse and the fish goes back to female (but this is not typically). The transitional phase can also stall, and there is no set time the transitional phase will last. The end of the transitional phase is the terminal phase. This is when the labels terminal male, male, adult male, and super male are applied. Once the fish reaches the state of terminal male, a reversal to female is NOT possible. Terminal is just that: terminal.