GMAT Score of 590 (Q:47, V:25), besides 700-760 in GMATPrep.

Hello Friends

I took GMAT yesterday and bombed by such a low score, which is what I scored when I started studying for GMAT.
GMAT Score 590 (Q 47, V 25)
(Though my practice test score ranges from 690-760 consistently in my GMAT Prep tests).

Feeling dejected, disheartened, and devastated with the GMAT scored of 590, after all the hard work for 6 months, I was consistently scoring between 34 and 42 in verbal on GMAT Prep practice tests. I could tell the right answers to most of the SC and CR problems. SC and CR are my strong points. This test has taken so much time out of my life from last two years, and still giving me pain.

I am planning to retake GMAT in one month. Simultaneously I would like to apply for Round 1 in following Schools: Kelley, UCLA, Duke, Emory, Georgia Tech.

My Profile

BTech in Mechanical Engineering from Kurukshetra University with GPA: 3.4

M.S from Stony Brook University NY, with GPA: 3.56
(Major: Mechanical Engineering - Computer Aided Design & Manufacturing and Robotics; Minor: Computer Science Engineering)

Worked for 1 year with New York State Department of Health as Research Assistant, and handled its Occupational Health Network and Information System.
Also have some great Academic Projects and team work on my belt.

6 years Professional Experience in both the countries U.S (2 Yrs) and India (4 yrs).
Worked on Tendering & Proposal, Design & Engineering, Project Management in Cement Industry, Power and Energy.

Currently working as a Deputy Manager in a German Company, which is a world leader in Cement Technology and Process Consultancy.
Based on my skills I am handling multiple major EPC (Engineering, Procurement and Construction) projects and leading a team of Designers.

I have been involved in lot of community service and associated with NGO’s, Extra Curricular Activities both in personal and professional life.

I can pull some stellar essay and strong recommendations from my manager in the USA and Indian Supervisor.

Still studying for retake and preparing my applications in parallel. Should I be deterred from applying in R1 or R2 to my target schools because of my Low GMAT score?

All the great fellas out there, can you please suggest me how to move from this point. Should I simultaneously work on my applications? Is there is any hope for me with my current GMAT score in my target schools, with my current profile.

Please Advise!

Thanks,