Basically its all a bit of a mess, my initial prediction of a hung parliament was right, but I didn't foresee the fall of the SNP in Scotland and the SDLP in N.Ireland. What we now have is a very messy situation in which the Tories are teaming up with the archaic Unionists. However, to answer your question, Corbyn is now in a far better position with the public. The media have backed off a bit, some have sheepishly apologised. Bookies odds now have him as favourite to be next PM and we're overtaking Tories in polls across the board.
Essentially, if May loses just 5 seats and Labour holds or gains them, her Govt becomes illegitimate and she would have to seek either Parliament's approval to continue, or be forced into forming a coalition. As it stands, Labour and the SNP (the 2nd and 3rd biggest parties by MPs) will never go into coalition with the Tories and the only party that would will not have enough MPs to form the needed majority,
In that event, if Labour, SNP, Greens, the two bigger Irish Parties (both leftists) and the Welsh party Plaid Cymru agreed on forming a govt together they could then take over as a Left Wing multi-party coalition.