Instant, 1U (2) Counter target spell. If that spell is countered this way, put it on top of its owner's library instead of into that player's graveyard.1 "The caliph was so intelligent he could not remember what he knew." -Azeworai, "Three Riddles"
Illus. Rebecca Guay
The card does not go to the graveyard before being put on the library. [bethmo 1997/10/19]
If the spell is not countered (because the spell it targets cannot be countered), then it does not go to its owner's library. [D'Angelo 2001/04/16]
This card has a self replacement (see Rule 419.6c). This means that it replaces going to the graveyard before any other effect can replace that event. [Rules Team 2001/05/01] If Flashback is applied using Recoup, however, Flashback will change the destination. [DeLaney 2001/10/13]
Note - In Fifth Edition (and before) this card was of type Interrupt.