What is the right course of action?

Your answer is correct because, according to German traffic rules, as a driver turning left you must give way to all oncoming vehicles traveling straight or turning right. This means you must allow both the cyclist going straight ahead and the motorcyclist turning right to pass before you make your turn.

You cannot turn before them because they have the right of way. The cyclist and motorcyclist have priority since you are crossing their path. The rule of giving precedence to oncoming traffic applies, and this ensures safety and smooth traffic flow.

In summary, always yield to oncoming traffic when turning left, including both motor vehicles and cyclists. Only proceed once the way is clear.