This isn't possible, and if you find an instance of this happening, then that would be a bug!
Keep in mind when the combo counter switches from Yellow to Red, there was an opening for your opponent to attack.
Doing a ground combo (Tap the screen three times) then attempting to do another ground combo right after for example will allow the AI to use a blockbuster and punish you.
This goes both ways, if the AI attempted this on you, you can use your own blockbuster.
@Fel wrote a guide on understanding the combo counter, here:
http://forum.skullgirlsmobile.com/threads/combo-counters-a-complete-guide.2802/