No, he did not prophecy regarding a red wave for mid-terms. That was just something Mark Taylor discussed as a possibility on certain radio programs when the commentators asked him about the midterms.

As I wrote above, "I think one of Mark Taylor’s strengths is also his weakness, which is that he tries to privately interpret his own prophecies. Fortunately, consistent with 2 Peter 1:16-21, Taylor admits that his private interpretations are not inspired. So, pursuant to Deuteronomy 18:22, I believe Taylor should not be judged on his admittedly private interpretations, but only judged on the actual words he “speaks in the name of the Lord”. By that standard (Deut. 18:22), Mark Taylor has not made a false prophecy. He has only done the same thing as many legitimate prophets before him (such as Balaam in Numbers 22, and Peter in Matthew 16): private interpretation."