Psychic Strike — ruling 1

If the target spell is an illegal target when Psychic Strike tries to resolve, Psychic Strike won’t resolve and none of its effects will happen. The target’s controller won’t put any cards from the top of their library into their graveyard.

Psychic Strike — ruling 2

You may target a spell that can’t be countered. When Psychic Strike resolves, the target spell will be unaffected, but its controller will still put the top two cards of their library into their graveyard.

Psychic Strike : règles, fonctionnement et interactions (MTG)

Psychic Strike is one of those cards players keep asking about. Here is, in plain words, what its official text says, the rulings published by Wizards of the Coast, and the combos players actually run.

Official card text

Counter target spell. Its controller mills two cards.

How it works : Psychic Strike

Original English text — Wizards of the Coast / Scryfall

#1January 24, 2013· Wizards of the Coast
If the target spell is an illegal target when Psychic Strike tries to resolve, Psychic Strike won’t resolve and none of its effects will happen. The target’s controller won’t put any cards from the top of their library into their graveyard.
No other card is named in this ruling.
#2January 24, 2013· Wizards of the Coast
You may target a spell that can’t be countered. When Psychic Strike resolves, the target spell will be unaffected, but its controller will still put the top two cards of their library into their graveyard.
No other card is named in this ruling.