This fault code could be an indication that the timing belt has jumped. I would suggest you start by checking the valve timing.
DTC P0016 CRANKSHAFT POSITION-CAMSHAFT POSITION CORRELATION (BANK 1 SENSOR A) GENERAL DESCRIPTION The CVVT (Continuously Variable Valve Timing) system is installed to the chain sprocket of the exhaust camshaft. There is no variation in valve timing of the exhaust cam because the exhaust camshaft Is driven by the timing belt. The timing of the intake cam is varied by the relative operation the CVVT vane to the housing. This system helps the engine decrease exhaust gases and increase engine power and fuel economy by changing the valve open/close timing of the intake camshaft.DTC DESCRIPTION This diagnosis checks the camshaft position plausibility whether the expected range plus some margin is not violated that might be caused by a wrong engine repair, or a chain/belt misalignment. DTC P0016. is set when actual camshaft position is too much retarded or advanced than full retard position or full advance position. To continue the adjustment in such case could lead to a damage of the engine by hitting the valves with the piston.
Since you have a scope...check to see if the cam and crank are in sync.
Set up an oscilloscope as follows: Channel A (+): terminal 2 of the CKPS, (-): ground Channel B (+): terminal 2 of the CMPS, (-): ground
Start the engine and check for signal waveform whether synchronize with camshaft sensor or not and tooth is missing refer to sample waveforms as above.