In the Sporting Code section 5B.7.7 further explains the general judging criteria for Loops/Roll Combinations.

Here's the criteria for Immelmann and Split S type maneuvers: (copied from the 2008 sporting code)

"There are, however, some judging criteria which should be explained further. In the Immelmann
turn and split S manoeuvres and variations, the half roll, snap-roll, point-roll, or full roll should be
performed immediately after or before the half loop as required by the particular manoeuvre. A
visible line in between the two components must downgrade the manoeuvre by 2 points. Similarly,
if the half roll, snap-roll, point-roll, or full roll is performed too early, the manoeuvre should be
downgraded, using the 1 point/15 degree rule."

Immediately after implies at completion of the rolling element. Therefore there is no line drawn after wings level.