Monitor your horse for improvement
Watch his respiration. An overheated horse breathes rapidly and may even pant like a dog in an effort to dissipate heat. As he cools, his respiratory rate will return to normal.
Assess his attitude. As a horse cools, his general demeanor will perk up. He will seem more interested in his environment, may want to graze or even begin to object to your efforts to cool him. All of these are good signs.