It is dangerously below other planes that are still dropping bombs, which would be consistent with the after action report, which reported "Aircraft 127 was seen to lose altitude over target and lagged."
The pictures were taken by the unit photographer and is courtesy of his son, Gerry Weinstein, who I met at the bomber group reunion in South Carolina last fall.
The second picture shows two B-24s, one in the upper-right corner. By this time the pilot of 42-78127 is dead, killed by anti-aircraft fire, and the plane itself is doomed.
Thanks to the heroism of David Korkuc, one of Dad's crewmates, Dad survived the crash at Argentella Beach in Corsica and lived many more years. I still miss him. I'm grateful I never have had to face anything remotely like that. We remember the six crew members who died on July 5, 1944.