Your guard is now a shield of light in front of you instead of a shape on the ground (which looked too much like an enemy attack). Its bright edges show exactly which side is covered, hits ripple across it where they strike, it glows gold while a hit would be parried, and shatters when it breaks.
Parries are easier to read. A big gold PARRY! callout, the shield flashes gold, staggered creatures say so, and your attack button and reticle glow gold with COUNTER until your bonus-damage counter lands ("Counter!") or the window closes.