Your situation hit close to home with me. I am in the same situation, although it has been a week since I last heard anything (I am used to talking to him everyday, sometimes three or four times). Again his last words were I love you and miss you.
I have the same questions you do: should I wait it out or is it over and I just don't know it yet?
I also have a great friend who keeps me in check with it all. She reminded me that most relationships go through their rough times, and we never really realize what another is going through. Perhaps they just need some time to deal with some things on their own, and all we can do is be supportive and show our love through it all.
So this is how I view the situation, as in my own. I consider it a bump in the road for now ... and it isn't over until he tells me he doesn't want me in his life.
I have faith in love ... and I have faith in him. It is hard to sit and be patient, but sometimes the best things in life are those that are hardest to wait for

. I do wish you tons of luck and hope he contacts you soon. In the mean time, take care of yourself, and if you need a shoulder, we are here for you