Taunk, who was lying third after the second round, carded one-over 73 and is now two-under 214 for 54 holes after rounds of 72 and 69 on first two days.
But Taunk lies a whopping 14 shots behind runaway leader Simon Griffiths of England, who carded a three-under 69 to get to 16-under 200.
Mitchell Brown (74) is also tied second at two-under. In the other section of the Q-School First stage, Australia's Matt Jager put himself in prime position to secure a spot in the all-important Qualifying School Final Stage after shooting a four-under-par 68 in the third round.
Japan's Fukumi Yoshinaga shot a 68 for second position on 10-under 206, Andrew Martin of Australia was a further shot back in third after posting a 69 and he is at nine-under 207.
After four rounds of the First Stage Section A and Section B, the top 15% players from each venue will qualify for the all-important Final Stage from February 12-15.
They will then join players who are already exempted into the Final Stage at the Imperial Lakeview and Springfield Royal where the top-40 finishers and ties will earn their Tour cards for 2014.