Hello fellow EEVBloggers! Long time fan of the channel -- first time here.

I'm repairing a failed 650W Seasonic X-650 active PFC power supply. I have not yet been able to trace down the problem, so I'll ask here for some general advice.
Symptoms:
- When I try to power on the PSU, the fan spins up, relay clicks and power is immediately cut off. To me this looks like something trips the overcurrent/protection relay. The clicking relay is the one right next to the mains input in the top right corner of the attached image.
- 5V standby power works normally.
- One of the diodes next to the big transformer in the middle had its other leg "flapping in the breeze". It didn't look burnt or blown, and it tested fine. I simply soldered it back, and you can see traces of fresh soldering around it.
Troubleshooting I've done thus far:
- Electrolytic caps tested and all seem fine. It's supposed to be a decent quality PSU, and hence all caps are Nippon Chemicon. I tested them with my Fluke 189 capacitance test mode.
- All TO-220 transistors and Schottky diode bolted to the heatsink measures OK.
- Bridge rectifier measures OK.
- Attached to this post are single-shot captures of rail voltages when the PSU tries to power on. To me this looks like 3.3V and 5V rails are OK, but 12V rail fails, trips the protection relay and tapers away. The PSU design looks like 3.3V and 5V are tapped from the 12V rail, which I think is quite common in modern PSU's.
This is how far I've gotten, and I'm running out of ideas on what to look for next. Any advice is greatly appreciated. Thanks!
3.3V:

5V:

12V:

What the PSU looks like:
