I know of no way to change the default location for Adobe's file.
I've had long term love/hate relationship with Adobe. Not being able to change default user directories is a check in the latter column.
You asked specifically about relocating the Adobe Folder which is automatically generated by the Premiere Elements. There are a few such folders that will regenerate automatically, Adobe Folder, Media Cache Folder, and Online Folder are some examples.
If you cannot relocate the Adobe Folder which contains the Premiere Elements Folder which contains the version Folder, the default location of some of the files and folders in the version Folder can be changed. Using Edit Menu/Preferences/Scratch Disks and the new project dialog Save In are places for such opportunities.
Is that of any interest to you or are you aiming at complete directory change?
Complete directory change :-)
It's fine for programs to suggest using my "Documents" folder but to hard code it's use is presumptuous and just poor programming.