Watch the Breakdown: Variation 3 online guitar lesson by Tierra Negra from Magic Gypsy Chords & Rhythms
In the 3rd variation only the 4th chord varies. So we start like variation 2, but the 4th chord is played in the 4th position with an open B-string and muted open E-strings.
But there is one difference in the last bar! I shorten the arpeggio, this gives me more time to move back to the first chord. So I leave away the last (p)-(i)-(m)-(i)-(a)-(m) in the end. Please notice the accents.