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Not lightning-based
My guess is that it discharges mana in a Lightning-like fashion. Also in the case someone attempts to prove me wrong, this is my counter argument.
How about using the skill against someone with 9 Lightning Elementals? If they receive 1 damage from Shockwave then it's obvious that Shockwave is Lightning Elemental. If they receive more than 1 damage then it's not Lightning.
Well...it doens't get reduced to one, but to 70~120...meh. Lightning Mastery is F so no idea. re ranking lightning now. This is with an inneffective shield.
IIRC Lightning Bolt and Thunder gets reduced to 1 against a person with all 9 equipments enchanted with Lightning Elemental regardless of Defense/Protection. If Shockwave isn't reduced to 1 against a person with all 9 equipments with Lightning then it's not a Lightning-element spell then, or at least not 100% Lightning element.
Maybe distance? I was pretty close. also with an effective shield, 40~60 with r1 lightning mastery.
I don't cross check those..they've been there like, forever. x.x