Third Wave

The 1st wave was the Pentecostal movement,
the 2nd wave was the Charismatic movement, and
the 3rd wave is "encountering the power of signs and wonders today".

It's a theological theory first introduced by C. Peter Wagner to describe what he believed to be the third historical period of the activity of the Holy Spirit.

Source:
Summarized from the Apologetics Index entry on "Third Wave;"
© Copyright 1996-2010 Apologetics Index. Used with permission.