When a card instructs you to "look at the top three cards of the # market deck" or something similar, is the revealed card of the market deck considered part of the 'top'?

Given how the game has you set up the revealed card below the deck, and you are not revealing it, ive taken it to mean that the revealed card is not on top and isn't included when taking the top three.

Is this how everyone else sees it, or am I missing something.