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With Premiere Elements (PE) 2018 you cannot use the function that reduce hand shakes when hand helding the camera and using the 4K-format (Canon 5D mk IV - 4096x2160). I have a question about the new version of PE - 2019; does the program supports the function that reduce the hand shakes when using 4k-format?
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Nope, 2019 just as 2018 supports only UDH.