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I've had this 2002 Explorer 4.6 V8 for about 8 months and the ABS light has been on since I bought it. I didn't worry about it much and figured I'd get to it eventually. A few days ago I had a hard braking on a wet road and I noticed I had wheels locking up front and rear. I'm not certain if it was all four or not but both axles had tires sliding and I didn't feel any pulsing action. Any idea where to start looking for the issue?
The scan tool definitely would make it easier, as it could also be something other than a wheel speed sensor. But next best would be an oscilloscope to test the pattern from the wheel speed sensors. This could identify a bad sensor, tone ring fault, or wiring issue, but still wouldn't identify an issue with other electronics in the system. A multimeter could help identify an issue with a tone ring, sensor, or wiring, but still nothing with other electronics in the system. And you could also perform a visual inspection of the tone rings, but could be challenging to get a good visual on unless there's something significant such as a missing tooth on a tone ring, a sizeable crack in a ring, or a broken or damaged wire.
As you seem to already be aware, most consumer-grade scan tools cannot access the ABS system to pull ABS diagnostic codes. There are a few that claim to read ABS codes, but I'm not sure how thorough they are.
On one of my Explorers, the bearings were so worn that the tone ring contacted the sensor and wiped it out. The bearings didn't last more than about 150k miles, at least on the generation I have ('98-'00). You could just remove the sensor and see if any contact has been made. It shouldn't be too difficult, assuming rust isn't an issue. You might have to remove the tire for easier access.