Blown call. Ref should have changed his motion to indicate a goal, but let his pride get the better of him. He was also in a poor position to make that call, should have moved onto the net after the shot.
Different rules apply to each League. It's unfortunate that the call was blown but a linesman or other on-ice official could have approached the ref and discussed the matter. It appears to me that another on-ice official (near the end of the video) may have attempted to discuss the situation but could have been turned away. If a whistle wasn't blown and there was a video review, then the goal could have been allowed. If the whistle was blown, then the play has concluded.