There are three. They'll tell you that it's only "waitlist" and "preferred waitlist," but, truth be told, there's a special section within the preferred that they call "special preferred waitlist."

As far as your chances, who knows. Last year I road their waitlist until August along with a host of others on wl, pwl, and spwl.

Don't lose hope, though, if you're on the lowest tier. Class profiles are variable as the cycle goes on. What could be waitlist material now could become preferred or special preferred down the line depending on how seat deposits pan out and what the profile begins to solidify into.

There was a big upset last cycle because they started to pull from the normal waitlist and a bunch of folks on special preferred still hadn't heard anything. So take those titles with a grain of salt, despite what their emails tell you about where you sit.