Thank you all for the help. Fortunately for me I live in a climate where I only get about 5 inches of rain per year (maybe rains 15-20 days a year at the most) so for now I will just remove the damn bulb so the ABS light doesn't continue to light up my dash. I will have another look at the sensor, I did notice that the wiring sheath on the passenger side is frayed, but there does not appear to be any damage to the wire that I can see.

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1990 190E 3.0L