Premiere Elements 12/12.1 on Windows 8.1 (assumed 64 bit, please confirm).
The link in your post is still not working. If you want to send it, please consider sending a jpeg screenshot and the camera link already pointed to. But, please use the following how to as a guideline
The specified item was not found.
The introductory questions would include
1. Is this a "it worked before but not now" or "it never worked before problem?
2. What is a description of your computer resources - installed and available RAM, free hard drive space, processor,.....? Have you run through a free ccleaner to optimize your computer? Have you gone through the process of disabling Start Up programs? Does the problem exist with or without the antivirus and firewalls disabled?
Also, see System Requirements System requirements | Adobe Premiere Elements
3. Do you have latest version QuickTime 7 installed on your computer and are you running the programs as administrator (from user account with administrative privileges)?
4. Is your video card/graphics card up to date according to the manufacturer of the card?
5. Do you have other video editing programs on your computer or any 3rd party plug-ins or codecs or codec packs?
Please consider. Any questions or need clarification on the above, please do not hesitate to ask.