If you care to keep looking, here's another $.02.
I do not mean to be critical, what you have here is something less than a perfect shot. I figure like some others have mentioned that you cut the liver ... maybe a kidney or spleen .... depending upon the downward angle. Certainly you made a shot that is not a quick killer.
Take a long look at the "track" of the blood that you have found so far. If it is essentially in more or less a straight line, vision that line going out as far as you can see ... and line it up with something in the distance. Say 100-200 yards out. Then grid the place out carefully. I'd go at least 1/4 mile either side and 1/2 mile along the line. Mark every blood spot with toilet paper ... visible to you as you walk along. Look beck every now and then to get an idea if the deer is traveling in a circle, wandering about, straight line etc.
Now is the time, as already mentioned more than once, to be methodical - in this case in the extreme. You mentioned water in the area. Many times deer will head to water and lay down. I guess it is soothing. If the water is deep, could be no way to find the deer.
A deer hit like this one can stay on its feet over night and can easily cover over a mile. More than likely because of the multiple lay down spots that you found, this one is hurting for sure and it is not going to make it that far. I am fortunate enough to have a great blood trailing dog ...this would be an ideal time to use one if you know of anyone that has one. Good luck.