What version of Premiere Elements on what computer operating system?
Generalizing....if you had the AutoSave feature on, you might be able to recover through one of the AutoSaves.
The AutoSaves are by default in Windows - Documents; Adobe Folder and its Adobe Premiere Elements Auto-Save Folder.
Settings for AutoSave in the project are Premiere Elements Editor Edit Menu/Scratch Disks/Auto Save.
Hey AT! It's version 11. I figured it out. In the start menu for 11 you click the "open" folder and there is a menu you can navigate to with the previous 5 auto saves.
Thanks for the follow up with the great news of success. Great job.
If you have the time, could you remind me what computer operating system that you have Premiere Elements 11 on...Mac or Windows?