Instant, U (1)
Common
Choose one — Counter target red spell; or destroy target red permanent.
Illus. Richard Thomas

10/4/2004: The decision to counter a spell or destroy a permanent is a decision made on announcement before the target is selected. If the spell is redirected, this mode can't be changed, so only targets of the selected type are valid.
Legal in Vintage (Type 1)
Legal in Legacy (Type 1.5)
Legal in Classic (MTGO)
Legal in Commander