If you use Adobe Elements to review and edit your files, you are unable to use the downloadable ICC profiles to soft proof. Currently, the software does not offer this feature yet as part of its basic software. To be able to soft proof in Adobe Elements and to be able to unlock some hidden features found in the full Photoshop, you would need to download the add-on, Elements Plus or Elements+.
For more information on why you would need Elements+, click here!
Once you have read through, you can head here to review the guide on how to get Elements+ setup.
Lastly, once you have Elements+ implemented, you can then follow the guide on how to soft proof! The instructions for soft proofing is slightly different because it does not automatically become available. It is under File>Automation Tools>Color and Tone and then a window will open to which you will then choose Soft Proof. The option will appear on the right hand side of the menu. From there, the instructions are similar to the icm profile instructions!