Wasim (74-71-71) climbed five places from his overnight tied sixth as a result of a second successive round of one- under-71 that took his total to even-par-216.
Wasim's two birdies on the front-nine were negated by his double-bogey on the fourth. But the professional from the Delhi Golf Club had a better back-nine where he made three birdies at the expense of two bogeys.
He closed the round in style with a mammoth 70-feet birdie conversion on the 18th after having recovered well from the hazard.
"That really lifted my confidence going into the final round. I think a score of two-under in the final round should give me a good chance of winning the Qualifying School."
Second round leader Kunal Bhasin (75-67-75) of Australia slipped to tied second place at one-over-217 after returning a score of 75 on day three.
At the end of round four on Saturday, the top 36 players will earn full cards for the 2018 PGTI season.
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