The effect of two (2W) versus three (3W) wave patterns of follicular dynamics and concurrent endocrine milieu of follicle‐stimulating hormone (FSH), luteinizing hormone (LH), oestradiol 17‐β (E2) and progesterone (P4) were investigated during one interoestrous interval (IEI) before insemination, on ensuing pregnancy, in 70 lactating Jersey crossbred cows. The findings were evaluated for between [included all (overall) 2W‐O and 3W‐O cows] and within [after separating pregnant (P) and non‐pregnant (NP) cows in 2W and 3W] wave patterns. The propensity of two (58.6%, n = 41) and three (41.4%, n = 29) wave patterns was similar (p = .15). The IEI, shorter by 2.6 days for 2W‐O versus 3W‐O (p < .0009), predicted wave pattern as 100% 2W‐O cows had IEI of ≤21 days, present only in 27.6% 3W‐O cows (p < .0001). The ovulatory follicle persisted for a significantly shorter duration for 3W‐O versus 2W‐O cows. The average FSH, LH, E2 and P4 concentrations during the IEI did not differ for between and within the wave patterns. Pregnancy rate (%) of 58.6 versus 41.4 (p = .15) for 2W‐O versus 3W‐O and 56.1‐P versus 43.9‐NP (p = .44) for within 2W was similar, but tended to differ for within the 3W pattern (69.0‐P versus 31.0‐NP, p = .06). The pregnancy outcome was influenced by the age of ovulatory follicle for between the wave patterns and by follicular count as well as FSH surge concentration for within the wave patterns. A shorter luteal phase reduced the pregnancy outcome, a novel finding of the present study.