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depends.
in gens 2-5, if youre just breeding two pokemon you caught, 1 in 8192.
in gens 6-8, this drops to 1 in 4096.
if you breed with two pokemon from differing language games (eg. an english-game feebas and a japanese-game ditto), then its:
>1 in 1683 for gen 4
>1 in 1365 for gen 5
>1 in 683 for gens 6 and 7
>1 in 585 for gen 8
finally, if you have the shiny charm, available from b2w2, the odds drop even further:
>1 in 1024 in b2w2
>1 in 512 for gens 6, 7 and 8
these are just ballparks, though. you could hatch it in 3 eggs, you could hatch it in several thousand.
if all you care about is just having a shiny milotic, id recommend chain fishing in ORAS. if you fish against the rock on route 119 at night (or under the bridge during the day, but the rock is better as it gives a better chance of fishing something up. also, have a sticky hold or suction cups mon at the front of your party), and fish up 40 pokemon in a row (without even moving between encounters), your shiny odds drop to 1 in 200, so you can just keep fishing until you get a shiny feebas. probably the quickest way to get one
