I have counterbalance in play and I know that the top card of my library is a brainstorm. My opponent duresses me. I flip over the brainstorm to counter the duress and then he responds with ancestral recall, demanding that I reveal the second card of my library if I want to use counterbalance on the recall.
There's no window to play spells and abilities between the start of resolving Counterbalance and the finish. Once you start to flip, the spell is countered or not and neither player can do anything.