Cost: 3.
Test Icons:

Fast. Play when an enemy attacks an investigator at your location.

Cancel that attack. Then, reveal a random token from the chaos bag. If it has a , , , , or symbol, deal the attacking enemy's damage to itself.

The Essex County Express #153.
Hypnotic Gaze

Like Dodge, but with a chance to hurt the enemy! What could go wrong?

Well, in my experience quite a bit. First of all it's much more expensive than dodge is, which can cause extreme opportunity cost as you have to choose between taking damage now, and having a better board setup next turn. Furthermore the reflected damage is not guaranteed, which kind of negates a huge amount of this card's benefit.

Now, in theory you can run a sadism run where (Slight campaign mechanic spoilers) ------ you intentionally fill the bag with these negative nancy tokens (... not as bad an idea as it sounds on Expert difficulty) ------ and I can't comment on the strength of this card then, but in a more vanilla run it can be pretty unlikely to trigger.

I think, like Song of the Dead without a better way to control the chaos bag, extremely swingy cards are going to remain cool in theory, but bad in practice.

Difrakt · 688
The mystic deck has many expensive cards (3+ ressources), but many with charges, you're better off saving these for such cards, over 1 use stuff. — Django · 2360
Combined with Dark Prophecy, the chance of this doing damage is greatly increased. That adds to the cost, making it 4 total resources, for a potential of doing damage as a Fast action. — Tiktakkat · 31
Unlike other spells, this can't be used with Uncage the Soul (fast action trigger), which is another knock against its surprisingly high cost. — PureFlight · 532
Besides Dark Prophecy this can now also be combined with Olive McBride to increase its effectiveness. Premonition is another possibility. — Cluny · 39
Olive McBride increases the chance of a hit from 31.25% to 67.5% (with standard night of the zealot chaos token pool). This means that Olive would give you a hit 1 out of 3 times beyond the baseline odds of 1/3. Dark Prophecy increases the chance to 84.64%, which corresponds to it giving you a hit 1 out of 2 times over the baseline odds. — jmmeye3 · 222