Rebuff the Wicked

A bodyguard, not a counterspell. The targeting clause draws the line: whatever you stop has to be aimed at a permanent you already control, so this answers a removal spell pointed at your creature, an enchantment-destruction aimed at your aura, a burn spell heading for your planeswalker. It cannot touch a board wipe, a draw spell, or anything that names nothing of yours, because without a threatened target there is no legal target at all. That restriction is the entire license for the card to exist in this color. Permission has always been blue's monopoly: blue holds the right to say no, and white's defensive identity runs through protection, prevention, and recursion instead. This is the planar-shift exception, a sketch of what white's permission would look like if white ever got any, and the answer comes out purely reactive. Its closest spiritual relatives are not blue's counters but white's protective instants, the long line of cards that fog a threat off your creature or grant it protection from a color. The difference is what gets saved: a protection spell lets the removal fizzle against the now-illegal target, while this removes the spell entirely, so it works even against effects that would not care about color. As a design statement it stays carefully inside the color pie's lines, casting permission only because it can never be the aggressor: it defends what is yours and reaches no further.