Cannot Understand the 555 IC Reset
No, it is not correct. 

The reset pin is an active-low additional reset line of the flip flop, as shown before (and on the functional description on the 555 datasheet).



Your schematics must be modified. Here's my suggestions (in red).

Basically, the inverter creates an active high-reset. The OR gate allows to reset the flip flop either due to "threshold" voltage exceeded (CMP2 output high) or due to external reset (low) on pin 4. Basically it creates an additional reset input.