Hi,
I don't think you planted it too deep.  Shrubs are not as picky about planting depth as trees are ('cept peonies).  The physical symptoms of too little water and too much water look the same on the outside as both ways cause the same thing - root death, therefore wilt.  With the rain we have been getting over the last couple weeks, watering every day has been too much.  You also might want to check that the drainage is good. 
For right now, stop watering and allow the soil to dry out some.  Check the depth of water and amount of moisture with a 12" wooden probe - stick a dowel or other stick into the soil by the root ball to the depth of planting.  If the wood looks/feels damp, the shrub is okay for now.  Do this every couple days and when the top 3-4 inches of soil is dryer (not dust dry, just easy crumble) add an inch of water - water until the root ball is saturated.  Then let the shrub dry down again. 
The flowers may be "toast" and in that case, trim them off.

Good luck with your shrub.  Please contact us again if you have further questions.