AVD is not able to launch
You need to reduce the RAM size of your emulator. Even if you have enought memory it is recommended to have 1GB or less than 1GB memory. As it automatically allocates 864MB edit your emulator in the AVD manager and reduce the AVD's RAM.

Open AVD Manager and select your device and click "Edit" button.

Then in "Memory Options" find the RAM parameter and set it to 512 or 864 for example. Click OK to save the current configuration and restart your application or AVD.

You also should not provide a RAM size for your emulator which exceeds your HAXM allocated memory. Since you are running the emulator in HAXM mode it will run faster than normal. So you don't have to worry about your devices' RAM.