The correct answer is option 3, III. The water image of a figure refers to its reflection in a water surface. To determine the water image, imagine that the figure is reflected vertically in the water surface, as if looking at it from below.

Option I cannot be the correct answer because it is the original figure and not a reflection.

Option II cannot be the correct answer because it is the rotated version of the original figure, rather than being its reflection.

Option IV cannot be the correct answer because it is a combination of rotation and reflection, rather than a simple reflection.

Therefore, only option III is the correct water image of the given figure as it is the image that would be reflected in the water surface if the figure is viewed from below.