I am posting this for those who might purchase this tool from eEuroparts.com or any other dealer who might sell a like version. The problem is that it does not work properly with some harmonic balancers being sold and there is a policy of no returns on tools. It would not work with the new harmonic balancer I bought from the same site without using a hammer to make it fit over the tensioner bolt and at the same time allowing the three pawls to engage the slots in the lower pulley.
All this is not a big problem for me, as I will modify the tool myself. Others may not wish to do this at all, but would rather buy the same tool properly configured to work with a variety of harmonic balancers, OEM and after market.

See this link for details.
http://www.brickboard.com/TOOLBOX/volvo/1283445/counterhold_tool_info.html

I might add that I will buy from eEuroparts again along with others like FCP Groton. I was a bit put off (but not surprised too much) when the guy on the line at eEuroparts said that he had never actually used the tool himself.
I also sent them an e-mail explaining with pictures the problem. Hopefully it will prod them to get a different supplier for this tool.