You may want to check this tutorial by Blake Rudis, . . .
In this video, we are going to discuss which is better for color modification, Hue and Saturation, or Selective Color? We will discuss their similarities, differences, methods of execution, and, strangely enough, how WELL they can be used together!
Elements does not have a Selective Color adjustment layer; this is a Photoshop-only feature. A possible workaround will be to use Elements+, an add-on created by our member -- Andrei Doubrovski.