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Correct - the power source is the head unit output, which runs through the switch and out to the antenna. Here's a link to a diagram - page 8 of the pdf file.
http://www.volvowiringdiagrams.com/volvo/740%20Wiring%20Diagrams/Volvo%20740%201991%20Wiring.pdf
Suggestion - save the pdf to your hard drive. Online charts have a habit of disappearing the day before you need them.
After hooking up the head unit antenna output to the green/gray wire in the harness, and with the switch on, you should see 12v at the antenna. Also, look for the black wire at the antenna, make sure it's properly grounded.
There is also a distinct "always hot" connection at the antenna (chart says red/green wire) that powers it to go down when the radio is switched off. Chart says fuse five controls this circuit.
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