191112-2137 EST
ptonsparky:
I would classify any reading on any instrument as valid. Is it valid for what you want to measure? Quite possibly no. However, if you have some idea of the characteristics of the device you are trying to measure. and of the measuring instrument, then you may be able to get useful information from the measurement.
As an example: if I take a 10 megohm scope probe, sync the scope on the AC line, and attach a 10 square inch conductive plate to the scope probe, then look at the scope trace as I move the plate around I will see a waveform approximately in phase, or 180 out, with AC line voltage, and an amplitude that varies with plate position. I want to hold the scope probe to insulate me from the plate so that I am not contributing much to the signal. At my bench where I have both phases present I can find a location where the composite capacitively coupled voltage is near zero to somewhat greater voltages associated with both phases. Amplitude is adjustable, and phase can change from in to out depending upon position.
If you have a Romex cable with hot energized, and an open EGC or neutral open, then you may be able to estimate the open location by a voltage measurement relative to ground, and some adjustable capacitor from the open wire to ground or to hot.
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