So this is pretty cool and the applications could be endless depending on how players end up using the technique. This is a glitch that allows you to absorb two hits with Balrog and only use one stock of EX meter in the process.
Fellow Sagat player KenSK pointed out how to actually input the command: it's Charge Down-Back, Down Forward + PP and then Forward on the joystick. You're basically Kara Cancelling the Dash Low into a Dash Straight.
Check it out: