What is correct in this situation?

In this situation, your traffic light is green, and you have the left-turn signal activated. The oncoming vehicle is going straight, but the traffic light for them is red (you can see their red light on the left side). Therefore, you may turn left without having to wait for the oncoming traffic.

The rule here is that green traffic lights give you the right of way, overriding any normal priority rules at the intersection. Since the oncoming vehicle must stop at their red light, you can turn unimpeded.

You do not have to wait in the center of the junction because the green light confirms it is your turn to proceed safely. Additionally, you do not need to allow the oncoming car to pass through because their light prohibits them from moving.

Understanding how to interpret traffic lights in combination with signals and the positions of other vehicles is key to safely navigating intersections. Always follow the traffic light indications first before applying other priority rules.