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Well, I hooked up an oscilloscope to the O2 sensor line today and found that at idle, the voltage stayed near 0 volts indefinitely. That accounts for the setting of the code. As soon as the engine is revved in neutral, the voltage rises to around 1 volt, but slowly drifts down to 0 again. No quick alternating between 0 and 1 volt as the voltmeter suggested. Obviously, the Bosch universal 3 wire sensor does not work in this system. New Volvo part due to arrive soon, so will report on results after installing it.
-WF
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