p
Yes, that is ONE of the three valid reasons to retract your bid....BUT.... only if you Immediately rebid the correct amount/
If you do not rebid, then it is a policy violation
http://ocs.ebay.com/ws/eBayISAPI.dll?CustomerSupport&ocsrelatedhelpurl=http://pages.ebay.com/help/buy/bid-retract.html&contextid=902113ab-a58f-45f8-af0b-cf4b41ba89af&sid=5344474056&convId=5813363658