@BT: Oh, I see. I'll have to think about that one for a second.
And as to what I was saying earlier, I'd like to make some slight changes. My knowledge about Milotic is a little rusty, so I went to check up on it for this discussion. Milotic's Special Attack is definitely above average, and its HP isn't horrible, either. It's Defense can actually be quite solid, should it be executed in the right way. Its base stat is kind of shakey, but with the right Nature (I would hope you have Bold, but I don't know), and the right EV application, as well as good IVs, it can actually turn out to be okay. And with Marvel Scale, Milotic walking in on something like Toxic, Thunder Wave, or Will-O-Wisp isn't without benefit, although you have to tread carefully with Toxic. In all reality, it's really the
Speed that is its downfall. You're all ready putting effort into its Defense, which is good. Its Special Attack and Special Defense are good and are taken care of. I would definitely suggest, having read over it some more, putting the other 252 EVs into either Speed or HP. Everything else will be taken care of. Sadly, Milotic's Speed is possibly low enough in base to the point where it may not be worth attempting to recover, so I would definitely suggest attempting to make it one big Tank. However, Speed is still a viable option. I would put it in one of those two for sure. I would reccommend HP to make it completely sound, but it's up to you.
Hmm...The last move is a toughie. Hypnosis is usually a big one with Milotic, but I guess that's out of the question. :-\ Well, I suppose Toxic is always a viable option. It can certainly wear down on opponents that Milotic would have difficulty dealing with, particularly opposing Water-types. And you know, if you wanted to toy with your opponents, you could just shift things up completely and go with a ReSTalk Milotic. The Sleep factor would raise its Defense, and it could constantly keep its HP up. ReSTalk Milotic is, in my opinion, the best method for a Tank, if that's what you're going for. If you don't want to change things from the method you've listed, and if you're looking to make it a team-support Pokemon, you can also incorporate Light Screen into your movepool. It'll give your Pokemon some defense from the kinds of Special Attacks that might get thrown their way in a switch out, particularly Thunderbolt and Grass Knot. It really just depends on what you're going for. If not Hypnosis, then I would suggest Toxic, so as to incapacitate the opponent in a few turns. Hypnosis is usually preferable, but Toxic can also work well.
I hope the advice I've given has helped.
Oh, and my Milotic
is Bold. Thanks to my Emerald Bold Gardevoir with Synchronize.
@Herochild - It really isn't worth using a Master Ball on Giratina, it is preferrable to save it for Mesprit, Cresselia, and the three legendary Birds.