Lunah is at range 9-10 to an opponent, and plays Holographic Sight to target them with Called Shot. The opponent plays No! Is: 1) Lunah unable to attack, with the card and 3 action points wasted 2) Lunah loses the card, but can select another valid target (one within 3-8) or else loses her 3 action points 3) Lunah loses the card, but can't declare a valid attack (assuming no enemies in 3-8) and so may freely re-use her 3 points elsewhere 4) Something else?
Option 3) Even if there are any enemies within 3-8, she loses the Tactic so she can't declare the Attack. As she didn't spend her Action Points, she may now declare an Attack against any of those valid Targets within 3-8. What I mean is, i.e.: 8-Ball is within 3-8 and Miyamoto is within 9. Lunah plays Hoographic Sight and declare Called Shot against Miyamoto. Miyamoto's player then plays "NO!" cancelling it. Lunah can't perform the Attack, so Holographic Sight is discarded and she doesn't spend 3AP. She can't declare "same" Attack to 8-Ball. It doesn't matter. Now, as she still has 3AP she declares a new Attack against 8-Ball... and so on...
Quoting from the rules wiki: SEQUENCE OF AN ACTION To resolve an Action, follow this sequence: NOTE: The Underdog decides the order. In any given step, the Underdog gets to decide the order of resolution of simultaneous actions. 1. REQUIREMENTS As the active player, you choose which Action you want to perform and check that all requirements are met: you have enough Action Points to pay the Cost, the target is within Range and Line of Sight, and any other special requirements the Action calls for. If all requirements are met during this step, you may move on to the next. If you fail to meet any of the Action's requirements, you cannot perform that Action. 2. DECLARATION You declare the Action you intend to perform and pay the necessary Action Points. Now is the time to declare any intended Targets. IMPORTANT! From this step onwards, the Action is completed even if some of the requirements are no longer met. For example, an opponent could play a Tactic that Displaces the Target of your Action out of its Range, but that wouldn't stop the Action from taking Effect. So it seems that Holographic Sight is played in the Requirements step of the Action of the Attack . When the "No!" card is played the Requirements cannot be met for a possible target more than 8 away from Lunah. The Action Points have not been spent so that Lunah starts over again spending Action Points as she wishes.