Wings of Icarus
When performed, Pit's wings glow blue and he gains the ability to fly for approximately 3 seconds. This, combined with the fact that, during flight, he can move in any direction, makes this one of the most mobile recovery moves in the game. For a reference, Pit can pull off the Reverse Hyrule Jump using Wings of Icarus alone.
The only downside to this move is that if Pit is hit while using it, he cannot use it again until he lands. This does not occur if the move is interrupted during the initial jump.
When Pit lands on the ground, he'll be able to use Wings of Icarus again. However, it'll take some time - approximately 2 seconds - until the move's "power" is restored. If it's used again before it's fully "charged", the total flying time limit will be shorter. The minimum limit is around 1 second.
The move is based on the Angel's Feather item from Kid Icarus, which allowed him to fly back up should he fall off the bottom of the screen, and the Wings of Pegasus, one of the Three Sacred Treasures, which allowed Pit to fly freely.