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The Fast fall-Air attack is an offensive technique often used in tournaments. It can be used to apply air attacks to grounded opponents, or as a wall of pain[]. It is useful for characters that have slow, powerful, long ranged aerials like Ike[] and can otherwise be used to block or deflect approaches.
As any character with a long lasting aerial, use it at the peak of your jump, and quickly fast fall. This should create the effect of the aerial slashing downward, and the attacker will hit any enemy below them.