I'm not sure why your method is not working but I would suggest not using the Wait action for this kind of event. As it is, your method simple says, as soon as the player stops touching the menu, wait 5 seconds then move up. Not if the player has not touched the menu for the past 5 seconds, move up.
Instead, use a last touched variable to store a time value and update it every time the menu is touched. Then, your event would just look to see if current time is > lastTouchedTime + 5 seconds.