Need someone sharp on camshaft position error
 

Guys, on another thread "4.0 OHV hesitation when hitting accelerator" I've been working on several issues but one of them was the P0340 (camshaft circuit fault). So here's the deal...this fault existed before I changed the engine. I put another synchronizer and sensor on it and I can see the pulses on my oscilloscope going into pin 85; a nice square wave. RodD and I figured thought it must be the ECM so I purchased a new one. There is no difference with the new one. So I have a new CPS, new ECM and the wiring checks out between them and I have a signal that matches whats suppose to be present (far as I know). There are no other codes. I've read in some forums that a bad alternator can cause this but I've disconnected mine but it didn't make any difference. After you clear the code, it appears immediately when you crank the engine up. The engine runs pretty smooth overall. So what can be causing this continual P0340? What else haven't I considered or checked? BTW, this is a 3-wire sensor (not 2 wire)

Thanks for the help!