Hello everyone. Given microstructure image belongs to a 12% ledeburitic cold work tool steel (annealed and tempered). The sample was etched with picral (100 mL ethanol and 4 g picric acid). I tried to reveal retained austenite structure. Because I've limited knowledge in steel metallurgy/characterization, I need some help here. I know the white phases are carbides, which precipitate through thermomechanical forming. Any retained austenite can be observed? What would be black phases between grain boundries? Any answers will be appreciated about clarifying this microstructure.