You should also think about the case where there is no matching delims. Do you want to output the line or not. My examples here do not output anything if there is no match.
You need prefix up to 3rd /, so select two times string of any length not containing / and following / and then string of any length not containing / and then match / following any string and then print selection. This idea works with any single char delims.
echo http://www.suepearson.co.uk/product/174/71/3816/ | \
sed -nr 's,(([^/]*/){2}[^/]*)/.*,\1,p'
Using sed commands you can do fast prefix dropping or delim selection, like:
echo 'aaa @cee: { "foo":" @cee: " }' | \
sed -r 't x;s/ @cee: /\n/;D;:x'
This is lot faster than eating char at a time.
Jump to label if successful match previously. Add \n at / before 1st delim. Remove up to first \n. If \n was added, jump to end and print.
If there is start and end delims, it is just easy to remove end delims until you reach the nth-2 element you want and then do D trick, remove after end delim, jump to delete if no match, remove before start delim and and print. This only works if start/end delims occur in pairs.
echo 'foobar start block #1 end barfoo start block #2 end bazfoo start block #3 end goo start block #4 end faa' | \
sed -r 't x;s/end//;s/end/\n/;D;:x;s/(end).*/\1/;T y;s/.*(start)/\1/;p;:y;d'
sed -E 's...
. Still, no reluctant operator. – Ondra Žižkacut -d'/' -f1-3
works. – Petr Javorik