welcome to health care magic and
thanks for the question.
It is likely that what you are describing as watery discharge is amniotic fluid
. That will imply that you have had a premature/prolonged rupture of membranes
Generally, following rupture of membranes labour should start after a few hours and failure of which predisposes to neonatal infections, cord abnormalities like cord prolapse and compression, foetal distress etc.
At 40weeks + 4 days, the pregnancy
is already term since 3 weeks ago. Now what should be done is that you meet your midwife for evaluation ( foetal heart beat, presentation, expected foetal size, your pelvic diametres etc) and if favourable you should be induced to deliver and also put on antibiotics.
Best regards and hope this helps you.