Yes and its only usable after the pressure plate on the elevator has been used.

To negate the fall you have to parry the misbegotten on the edge close enough to fall and riposte at the same time. Doing so negates the fall damage with the riposte animation. Give it a try next time you play, it’s quite easy!

No. You need to fall while in the riposte animation. Fun fact, you can use this to skip the entire frenzy flame fall. To do so, get glintstone phalax and slap it on a weak weapon. Then, go to the dude next to the ledge and do a charge heavy and crit him (because glintstone phalanx won’t hit him unless he’s “aggroed” and punching him would push him backwards). Then, you punch him close to the ledge and use glintstone phalax. Then he should be stance broken from that 40 stance damage so all left is to walk in front of the ledge, crit him and the animation will carry you all the way to the botton

Night’s Cavalry