You can try quitting the application from task manager:
1. Right click on task bar and select task manager.
2. Look out for photoshop elements editor.
3. Select it and click end process.
Next time you launch the application, please reset preferences as mentioned in https://www.google.co.in/url?sa=t&source=web&rct=j&url=https://helpx.adobe.com/photoshop-e lements/kb/preference-file-loc…
See if saving works after this.
It won't quit in task bar, so I will have to turn off computer & tomorrow reset preferences. Thanks. My fingers are crossed.