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Yes, you can create nested contexts like the one you propose. If you select the prospective parent context in the sidebar, then click the + at the bottom left, it will create a new context nested just beneath the parent. Or, if you've already created the context somewhere else, select it in the sidebar and drag and drop it on the desired parent. Once you've got it at the right level in the hierarchy, you can adjust the position with control-apple-uparrow and control-apple-downarrow.