I had the exact same problem on my 1990 626 2.2L (non-turbo) and was going bonkers trying to figure it out. With over 240000 miles, I feared that it might be a lost cause.
I checked everything like you did, but what it turned out to be was the engine coolant was almost bone dry. Filled up the radiator and it stopped fluctating almost immediately.
That was an easy fix, or so I thought until discovered the root cause of the low coolant.
Yep, you guessed it! The water pump was shot and leaking like a faucet. Fortunately it wasn't too expensive or difficult to replace and I'm just a shadetree mechanic. It was just time consuming job.
Its still on the road and running good.
I checked everything like you did, but what it turned out to be was the engine coolant was almost bone dry. Filled up the radiator and it stopped fluctating almost immediately.
That was an easy fix, or so I thought until discovered the root cause of the low coolant.
Yep, you guessed it! The water pump was shot and leaking like a faucet. Fortunately it wasn't too expensive or difficult to replace and I'm just a shadetree mechanic. It was just time consuming job.
Its still on the road and running good.