Can anyone help with my "IF" formula?

Hi, I'm looking to create an "IF" formula for the 'Health' column circle boxes

Blue = Status: Complete

Green = Status: On Track

Yellow = Status: Not Started

Red = Status: On Hold and Status: Off Track

This is my attempt of the formula but I am receiving an error messaging -

can anyone help?

=IF(Status3 = "Complete", "Blue", IF(Status3 = "On Track", "Green"), IF(Status3 = "Not Started", "Yellow"), "Red")

Many thanks :)

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