How does elemental/armor penetration work?

[JaggyBoo]

Hello Slormancers!

Let's say I have 50 dmg and 200% elemental penetration. A spider has 100hp and 100 elemental defense.

Does it mean:
1) I ignore 100 elemental defense and deal 50 elemental dmg on the spider?
or
2) I ignore 100 elemental defense and deal 100 elemental dmg on the spider?
or
3) I ignore 100 elemental defense and deal 0 elemental dmg on the spider?
or
4) something else?

[Peredur]

1) Ignore 100% of its elemental defense and deal the full elemental damages.

And elemental/armor penetration won't do anything more over 100% as they already remove 100% of the armor/elemental defense (it doesn't remove non existing resistance to deal extra damage).