Hi there, mom!
My son, now an Olin sophomore, had the experience of being put on standby and being quite disappointed. He didn't get an invite, until we called the school one week before the very last CW. Guess what?! A last minute spot had come open. If we hadn't taken the initiative and called, I doubt that if it would have happened. Expressing sincere interest made the difference, I think. So, on the one hand, it is premature to give up - but on the other, you want your kid to start seeing other schools as his top choice too.
In our case, I secretly made the call without asking the kid. Bad me! I didn't want to get his hopes up.
Hope that helps. Its really hard to see them disappointed, after a ton of hard work - even if you know that other options might be Exactly Right.