What version of Premiere Elements, what computer operating system?
What are the properties of the video that you have imported into the project?
Have you applied any effects to it yet?
What was the project preset that was set to match the properties of the imported video?
See Edit Menu/Project Settings/General and the reading for Editing Mode, Timebase, Frame Size, and Pixel Aspect Ratio (even if the fields look grayed out).
When you are viewing the playback of the Timeline in the Edit area monitor, is there an orange line over the Timeline content?
Let us start here and then decide what next.
Any questions or need clarification on the above, please do not hesitate to ask.