BTW, in PS elements you're probably best off using sRGB as there is no softproofing capability. Plus, sRGB is "safe." When you start using wide gamut spaces/devices is when color management becomes more complex and you have to be more careful.
But if you are printing on inkjets they can have a color space capability much greater than sRGB... you'll get what you are expecting/see on your screen, but it may not be the best possible.