Im a wiz 3 and have a magic missile lvl 5. The thing is when I use the skill only 3 orbs atacks. But its suposse to be 5. Is this normal?. Sorry for bad english
i think that 5 bullets count are not the number of orbs that you shot out but rather the maximum number of orbs that bounce to other enemies after it hit an enemy 
From what I have noticed +bckashiya is right on the money here. Go to a lower level area very crowded with mobs and shoot out magic missiles, count the number of mobs you killed, thats the number of missiles you are firing (the whole point of lower area is so that you 1-shot them with each missile).
Ok. Thank you very much
Do you guys know whether the bullets do spash/aoe too, besides the bounce?
EDIT: Nope