Is your hematocrit (HCT) elevated too? A high HCT could indicate dehydration while a low HCT could indicate a over hydration. You really need to look at all aspect of your CBC when trying to figure things out. It was always interesting that throughout John's treatment for bone marrow failure, RBC was the one count they paid the least attention to. It was alway the HCT and Hemoglobin (HGB) that mattered most when assessing his red cells.