I am wanting to add an outlet to (what I believe is) the end of a switched circuit. There is only one set of 4 wires coming in to my existing outlet (black, red, neutral, ground). I don't need my new outlet to be switched, so I'm thinking I don't need to run the red wire to my new outlet. Is that correct? I have sketched out what I believe to be the correct wiring connection below.
Also, if I'm not continuing the switch, do I need romex cable with the red wire? Or, can I just use 14/2 cable with black, neutral, and ground?