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Deals damage and has a 50% chance to lower the target's Special Defense by one stage.
Latios's signature move is fairly powerful and has no outright flaws, but is usually eschewed in favor of Psychic, which is stronger and has higher PP, or Psyshock, which can be used to break through special walls.
Psychic is a more powerful option.
Psyshock is a more powerful option that hits the opponent's Defense stat.