That's because you installed it on 3.4 silly.
Preloader doesn't work properly on 3.4 Preloader can load basic functions but it doesn't allow the Wii to start and does not have any proper hacks.If you are on 3.3 or 3.4 then you must update now - DO NOT install preloader until you have updated as it will cause untold problems!.
Sill, not all is lost!
You may yet have the ability to start HBC and failing that you can use Load/Install file to boot any homebrew app.
So, the solution is EXACTLY the same as I have previously stated, IOS50v4489 followed by System Menu v385 using wad manager.