Expression used to declare that a target, goal, or objective was not executed properly, therefore missed entirely. Usually results in some type of injury or embarrasment. Most effective if uttered quickly at the exact moment of realization that the intended objective is lost and the resulting outcome will not be good.
"Bobby attempted to jump from the back of one moving pick-up truck into another while driving at 60 mph down the highway. Mid-air to the other truck, Bobby exclaimed "I missed it!" as his body hit the side of the truck, his hands scrambling madly to clutch the sides as he was dragged under the tire."