In my case, this error was fixed when I set HAXM memory equal to AVD memory. HAXM memory 1024 MB = AVD memory 1024 MB
Hax is enabled
Hax ram_size 0x40000000
HAX is working and emulator runs in fast virt mode.
Upto this point the error should be fixed.
Now I'm listing my specific environment in case it could be of some help for someone using OS X.
OS X El Capitan 10.11.4
MacBook (13-inch), 2 GHz Intel Core 2 Duo, 4 GB Ram.
Android Studio 2.1
Marshmallow (23) x86 didn't pass the flashing Android icon screen for even hours.
Lollipop (22) x86 passed the flashing android icon screen and then showed
KitKat (19) x86 worked successfully and I could install the hello world there.