The file is not loaded to the Photoshop Elements workplace but to the dialog visible above. Most of the area is occupied by the preview image on the left, surrounded by display and other controls. Take a look at each of them, in order of the numbering.
1. Section 1
The toolbar starts with the familiar zoom button. It enables zooming from 6 to 400%. Right-clicking brings up a menu with the supported sizes.
The hand button lets you scroll the zoomed image inside the preview area.
The eyedropper lets you precisely set white balance. If white balance has shifted, e.g. the white wall looks blueish, you can click the wall with the eyedropper to tell the program “this point is white”. All other colors are shifted accordingly. Hopefully in the right direction. You can also click a mid-grey point with the eyedropper.
The last two buttons rotate the picture to the right and left by 90 degrees.
2. Section 2
You can set zooming here as well, to predefined values. Depth specifies color depth as 8-bit or 16 bit. The latter produces a bigger file but the picture will contain more information.
3. Section 3
There are 3 display options in the upper right corner. Always keep Preview selected in order to be able to track your changes in the preview image.
The other two check boxes select Shadows and Highlights in the preview image, with the problem areas colored to blue and red. This means that over-dark and bleached areas will be colored.
The right side contains the settings. At the top, you can see a histogram showing the hue distribution of the image per color channel. The R/G/B counters show the color values of the point where your mouse cursor is.
The Settings dropdown enables you to reload preset or previously saved settings. New schemes can be saved by clicking the arrow button, Save New Camera Raw Defaults:
Image Settings: Settings per image, if any.
Camera Raw Defaults: Settings per software, or your saved settings.
Previous Conversion: Settings from the previous RAW processing session.
Custom: Your custom settings.