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The counter spell should be on the stack, but I’m not sure that it can target bolt bend. My guess would be that the counter goes on the stack, bolt bend goes above it, changes the target to bolt bend and resolves, leaving the stack and the counter fizzles with no legal target. I’m not exactly /u/WoTC_ChrisClay, so I might be mistaken here
I am Chris Clay, and you can use spells like Bolt Bend to work around a counterspell like this.