Dear Remon,
The main technical challenge in playing this study is the passing under of the thumb and achieving smoothness of tone in the arpeggio figures. As preparation for this, you should re-visit the elementary principles of the passing under of the thumb in scales and arpeggios.
It is important to remember that the thumb movement must be prepared and as most of the piece features this difficulty in the right hand you should focus on the ascending arpeggios where the execution of the thumb under is more difficult.
Of course a certain amount of wrist flexion is necessary but as in good scale and arpeggio playing you must avoid jerking the wrist which will result in a bumpy sound.
There are too other technical difficulties such as the constantly changing hand position for the 4 note semi-quaver groups in the middle section. Again they must be absolutely smooth and even.
I would say you should give yourself 6 months to learn this piece and then like good wine, rest it for a while before fully savouring its delights.
Murray Perahia does a lovely job of this study in his recent recording of the Chopin Etudes.
Regards,
Robert.