This document contains troubleshooting steps that can be performed to resolve the issue you are facing:
The document also contains a link to the Adobe Support Advisor using which you can upload your log files for us to view it.
One step that usually helps is to navigate to the shared technologies folder ElementsST1Installer (ST1 means Shared technologies 1) in the installation disc. If you have downloaded the software, you will find this in the extracted installation folder. Run the set up file separately and then reinstall the software.
I had the same issue and after trying everything - uninstalling all adobe products, installing with a new admin account, clean boot, moving install files to root directory, etc. - I have finally resolved the problem by running the ST1 installer separately.
Thanks for the post Gautham. Might I suggest that Adobe update their KB article so that it says to run the Shared Technology setup separately? I wasted a lot of time trying the other steps there.