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... Ok, so the Camshaft Position Sensor. The Gray / Red stripe wire is a 5 volt reference signal voltage supplied by the PCM - this same wire is what supplies voltage to the O2 sensors, engine coolant temp, and a few other things.
You should get 5 volts if you are using your volt meter positive lead on the Gray / Red wire, and negative lead to a good know ground ( you can check the shielding wire for good ground also ) ...
You wont get any ohms reading if you are checking the harness end to the EEC. You would check the camshaft sensor end for resistance using the leads on the volt meter ( ohms setting .. Not sure what the factory spec is ) .. If you are getting an OL ( over limit ) .. It would indicate an open circuit ( bad sensor ) .. Alternately, you would use Ohms to check the wire itself .. From the EEC connector, to the Cam sensor connector ( both unplugged, you are only checking the wiring in between for continuity ) .. It may be necessary to unplug all components sharing the Gray / red wire to get an accurate reading .. For simplicity, lets assume you already verified 5 volts at the cam connector end - we can assume it is good. The wire that returns the signal from the cam sensor is the one you need to check .. If this wire has a break or something, it will bring up the "open circuit" diagnostics trouble code you are looking at.
Checking the cam sensor itself .. Well, that steps up into the Graphing Digital Volt Meter / Oscilloscope type of waveform diagnostics. You would read the sin wave for frequency and amplitude at the cam sensor and at the EEC to determine what is being read by the EEC. Your standard volt meter will "average" the voltage out .. It will only give you a solid average number instead of an "on / off" type of duty cycle.
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