Looks very promising. It should be fine...it is an elm.
I would have have chopped it much shorter if it is mine though.
My first goal is to keep it alive.
Get some liquid milk, dilute in equal amount of water, add a squirt or 2 of dishwashing liquid (NOT anti-bacterial) in a liter of spray bottle, shake and spray the leaves. Repeat after a week.
Do not wash off any residue, it will dry and flake off after a few days.
Like 2%, cows milk?