Sure, this movie is bad, yet due to the way how its getting told and handled I just can't call it an absolutely terrible one as well.
'Good' thing about this movie is that it isn't taking things too serious. It knows it's not a perfect or even very original movie, so it's simply trying to have some fun with its concept instead and it isn't ever really trying to be a serious movie with anything. It's not like that the movie is a full blown comedy but it's definitely a goofy little film. Not that it helps to turn the movie into a good one though but it's still better to watch than just the average low-budget horror, featuring a similar type of story.
It's the type of horror movie that involves an urban legend kind of story, in which people come across a magic bracelet, that grants them each 6 wishes, before their soul gets taken. All sounds very familiar and formulaic of course and indeed, there also is hardly anything creative or original about the story.
It's basically a terribly simplistic movie, that looks like it got shot in a week, for as cheap as possible. The locations are limited, the effects look cheap and the acting is highly questionable.
Most annoying thing about the movie and the story is that it's constantly repeating itself. All of the wishes are incredibly stupid and usually involves stuff such as; I wish you were gone! Or, I wish everybody would agree with me. No one ever wishes for a fancy car, millions of dollars, a tropical island, wish that he could be Batman, or anything else along those lines. It's terribly unconvincing and silly to watch all and besides, it's incredibly annoying how the bracelet's powers are explained like 5 times throughout the movie, every time when a different character puts on the bracelet and notices that there is something odd about it.
Really, I just can't recommend this movie to anyone, though it's definitely true that there are some far more worse genre movies out there, featuring a similar type of story, made with a similar budget.