I know that counter-draw spells are good so I'm not sure if this is too good for common.

Yeah; likely to be very distorting of the environment if it's common.

Half of Negate's utility with cantrip? Honestly, I don't think this is a problem for common. I might not put it in common anyway because it's too narrow however. The average draft deck contains what? Maybe three or five instants and sorceries? Your chance of hitting one at the right time isn't terribly high.

As an aside: I'm pretty sure this can cost since it's not a hard counter, and the power level of the base spell is somewhere between Dispel and Negate. It's a nice card to splash for any color, too, if a player is depending on instants/sorceries too much.

­Scatter Arc is strictly better in multiple ways, and was fine at common -- in fact it was unplayable. There are absolutely no power concerns here.