I planted this Eucalyptus pauciflora niphophila last Autumn when it was about 2 m tall. It is very healthy and has grown about a metre in the first year. It is straight up to about five feet high and then it bends over as the photo shows. Can this be corrected, maybe by pruning, or should it be corrected?
There are a couple of issues to consider here: first, it might be possible to use a long, stiff, straight rod tied firmly against the bottom of the tree to progressively pull the errant top back into line with cord or rope. After a few years the natural stiffening of the wood may allow you to remove the rod with the straightening goal achieved. You may have to adjust the tightness from time to time. The open location will give the tree light from all sides so it should go straight from that point on, however there is an electricity wire above the tree - if the tree grows well and straight up into that wire then the power company might insist on trimming the tree to their liking and not yours.
Take a look at the many example photos of this eucalypt on Google images. You will see that it naturally tends to a bushy shape but can go over 30 feet tall which is beyond manageable for a suburban yard, so early pruning would probably help and not destroy an otherwise attractive feature.