yes, it's the top 4 overall and then the best from every Continent (Asia and Oceania are to be considered a single entity, even if Oceania actually doesn't count anything in Fencing)
p.s. to qualify as a continental quota, a team must be within the top 16 of the world ranking
the tournaments counting for the Olympic qualification are the world championships (with major points), the continental championships (already contested...for Europe it was the EGs in Poland one month ago) and 5 selected world cup tournaments
in most weapons there are 4 world cup tournaments left (the season should start in November, the OQP will end next April), women's Foil has only 3 events left, if I remember well
the world cup points are 64 for a win, 52 for the second place, 40 for bronze, 36 for 4th place, 32/30/28/26 for places from 5th through 8th and 26 to 18 (down one by one) from 9th through 16th place, 8 for all the teams not making the top 16, 0 if you get black carded (DSQ) in a tournament and/or if you don't participate
(and all the other European teams) have to hope than the 3 European "big names" make the top 4 of the ranking at the end of the OQP to earn the continental spot...it highly likely that's gonna happen, therefore good luck for the battle vs and (they're still the favourites to take the European quota imho, even if they missed out badly at the world champs -that's why they're so low in the standings)