yo,
As Elmo mentioned, the PIP/and/or Ingnition Control Module (ICM) could be faulty, but bec. that CODE pOpped up during da wiggly-jiggly dance, check loose or corroded, wires/connectors.
Start @ ICM and check (GY/O) wire it runs from ICM to PCM with Branch to Distributor and it's PIP sensor
Ignition Control Module (ICM) Location pics (near driver's side hood hinge) & info in a 96 5.8; "...Spout connector wires go into ignition module wiring connector..."
Source: by DNBELOWBRONCO (Kevin, Labor of Love) at
http://www.supermotors.net/registry/media/689143
btw, Kevin should have the Ford Motorcraft BLACK ICM in there.
If you can't find a wiring defect, unplug the voltage regulator at the alternator and see if that clears the code or the driveability issue. Diode Pattern Waveforms, Bad; "...This waveform was captured using the diode pattern test located in the engine tests menu. This particular alternator has a bad rectifier, causing an AC voltage to ride on top of the DC voltage signal. This AC voltage affected the pip and spout signals (Ford primary ignition signals) causing a no code driveability problem. The fix was to replace the alternator. This waveform was captured using the diode pattern test located in the engine tests menu. This alternator, like the previous alternator, has a bad rectifier. This is another example of how a bad rectifier can affect the diode pattern. The fix was to replace the alternator. This waveform was captured using the lab scope. This is a good example of how an alternator with a bad diode can affect other signals that the ECM looks at. In this case it is an IAC motor. When viewing waveforms that have a lot of hash always look at the alternator diode pattern as a possible cause..."
Source: by omitec.com @
http://www.omitec.com/en/support/waveforms/
And go thru this Test that includes your Black ICM
If none of above help, let me know here and I'll get the Ford Pin-Point Test for you; but I think it lead to using an oscilloscope to view the PIP signal that is a square wave
P0320 - Ignition Engine Speed Inp;ut Circuit Malfunction The ignition engine speed sensor input signal to PCM is continuously monitored. The test fails when the signal indicates that two successive erratic profile ignition pickup (PIP) pulses have occurred.
Symptoms;
Engine Light ON (or Service Engine Soon Warning Light)
Lack/Loss of Power
The engine may be harder to start
The engine may stumble or stall
Loose or corroded, or is faulting wires/connectors.
Possible Cause:
Low battery voltage.
Open/Shorted circuits.
Damaged distributor cap, rotor, plugs or plug wires.
Damaged coil, ICM or PCM.
Ignition failure sensor is used to check whether the spark ignition is occurred correctly or not and also used to tachometer drive. The sensor monitors the voltage difference between a resistance which is on the battery circuit for ignition coil. When the ignition coil works properly, the electric current through the resistance is detected as voltage drop. This is confirmed for every ignition event with the crankshaft sensor and the camshaft sensor. If Engine Control Module (ECM) detects a malfunction, no ignition is possible, so the engine would not start. If there is no ignition signal for a predetermined cycle for one or two ignition coils, an ignition coil circuit failure exists.
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