Brandt Snedeker of the United States waves during the third round of the 77th Masters golf tournament at Augusta National Golf Club on Saturday, April 13, in Augusta, Georgia. Click through to see all the shots from the third day and look back at the second round.
(CNN) -- Former champion Angel Cabrera and America's Brandt Snedeker are tied for the lead after the third round of the Masters at Augusta National Golf Club.
The 2009 champion from Argentina and Snedeker, who tied for third at Augusta in 2008, both shot three-under par rounds of 69 to finish on seven under par, one shot ahead of Australia's Adam Scott, who also shot 69 on Saturday.
After a steady 16 holes, overnight leader Jason Day finished with two bogeys to slip back into a tie for fourth alongside another Australian Marc Leishman (72) with America's Matt Kuchar one shot further back after posting a 69 earlier in the day.
Despite not having a spectacular day on the course, Tiger Woods still managed to grab the majority of the headlines.
Bad ball drop costs Woods 2 strokes
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The world No.1 finished on three-under par, four shots off the lead, but began his day not knowing whether he'd be competing at all over the weekend following a rule violation at the par five 15th during Friday's second round.
Read: Woods penalized two strokes for rules violation
Speculation mounted on Saturday morning that Woods might be disqualified for taking a drop in the wrong place after his ball had ricocheted off the flagstick on 15th green and back into the water hazard at the front.
But having sought an explanation from Woods, the Augusta National rules committee, who described him as "very forthright" and "honest," concluded that the four-time Masters champion should incur a two-stroke penalty.
Woods ended up shooting a round of 70 and wasn't firing on all cylinders but is now well placed to mount a challenge in Sunday's final round.
Read: Teen sensation Guan makes Masters cut
"I hit it all right today. I missed a few putts here and there. I had a few opportunities to shoot a lower score but the finish was huge - the last three saves certainly kept me in the ball game," Woods said.
Woods is tied for seventh place with South Africa's Tim Clark whose five-under par round of 67 was the best of the day.
America's Jim Furyk, Ricky Fowler and Steve Stricker are currently tied for ninth at two-under par alongside England's Lee Westwood and two-time champion, Germany's Bernhard Langer.
China's teenage star Guan Tianlang battled his way to five-over par 77 to leave the 14-year-old amateur nine-over par for the tournament.
Guan's third round was two strokes better than Rory McIlroy, who played his way out of contention with a disastrous round of 79.
The Northern Irishman's round fell apart at the 11th where his approach found the water. He walked off having carded a triple-bogey seven. His ball also found water at the 15th which contributed two more dropped shots before bogeying the 16th to leave McIlroy five over for the tournament.
Defending champion Bubba Watson posted a two-under par round of 70 -- his best round of the week -- to leave him in a tie for 28th on two-over par.
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Angel Cabrera of Argentina plays his second shot on the 12th hole.
Jason Day of Australia tees off during the third round.
Adam Scott of Australia plays during the third round.
Vijay Singh watches his approach shot to the first green.
Lindsey Vonn watches Tiger Woods of the United States.
Tiger Woods hits a tee shot on the ninth hole.
Jim Furyk of the United States plays during the third round.
Charl Schwartzel of South Africa reacts after missing a birdie putt on the eighth hole.
Rory McIlroy of Northern Ireland lines up a putt on the eighth hole.
Fans head out to the course for the competition during the third round.
Tiger Woods of the U.S. tees off on the first hole.
Rickie Fowler of the U.S. hits out of the bunker on the second hole.
Rory McIlroy of Northern Ireland hits his second shot on the first hole.
Chairman of the Masters Competition Committee Fred S. Ridley addresses the media concerning a two stroke penalty given to Tiger Woods.
Guan Tianlang of China plays during the third round.
Tiger Woods looks on from the practice green before he plays the third round.
Kevin Na of the U.S. lines up a putt on the second hole.
Tim Clark of South Africa hits out of the bunker on the second hole.
Stewart Cink of the U.S. holds the flag on the second hole.
A man watches the third round of the 2013 Masters Tournament.
Thorbjorn Olesen of Denmark tees off on the second hole.
Guan Tianlang of China walks with his caddie during the third round.
Ryo Ishikawa of Japan waves after making par on the second hole.
Branden Grace of South Africa hits out of the bunker for eagle on the second hole.
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