After winning the first stage by far on Thursday, Alexandersson now has a second place and a fourth place during the competition, so it will be decided on the island of the Azores in the Atlantic.
Saturday's third stage went on the western part of the island of Faial Island, from the sea up to the edge of the volcano and then back again, without map and compass.
The stage was 30.9 km with a total ascent of 1,453 meters.
Tove Alexandersson is ahead of Sunday's decision in second place overall, 5.11 behind Swiss Maud Mathys and 5.31 ahead of American Rachel Drake.