Hi Ricky8908,
With the Scaled Scores you listed, was your Overall Score around a 680/690? That score is still a fantastic performance, so it could very well be enough to get you into your first-choice Business School. With highly competitive Schools (such as the M7 Schools), you have to remember that you need a strong OVERALL profile AND you need to 'market yourself' correctly to each of the individual Schools that you apply to. Having a higher GMAT score won't matter much if your profile is lacking in other key areas. All that having been said, you have LOTS of time remaining before you apply to School, so you can absolutely improve on this recent performance and strengthen your overall profile. With your skills, you could easily retest in a month and hit your goal score.
At your current scoring 'level', the GMAT becomes really 'sensitive' to little mistakes; if you make too many, then a 700+ score becomes simply impossible to achieve. With your Scaled Scores, you don't have any obvious 'weak spots' in either the Quant or Verbal sections. However, with a Q47, you likely missed out on a bunch of 'strategy-based' points, so you might want to focus on those areas as you continue to study.
GMAT assassins aren't born, they're made,
Rich