Mega Man: The Sequel Wars: Episode Red Part 7: Dive Man Stage (+ Wire Adaptor)
Geez, how does Mega Man 4 have TWO waterly levels?
Compared to Toad Man's stage, Dive Man's stage is more traditional in how aquatic it is. 90% of this level is underwater, which means 90% of the time you can go for big jumps.
This level has another Adaptor tool: The Balloon Adaptor where Mega Man can deploy a balloon platform that will pop after a few seconds. You find this in a deep spike pit that you have to navigate through carefully. After you're done there, you'll have to repeat a bit of the level, again.
When encountering Dive Man in his underwater room, he will be weak against the Skull Barrier.
Beating Dive Man will gain you his Dive Missile.
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Here's my getting the Balloon Adaptor AND hunting down Dive Man in the NES version, here!:
• Mega Man 4 Part 7: Dive Man Stage w/ ...