would like confirmation of my understanding of recovery points

scenario

 

i do full backup of my drive on Apr 1.  schedule new points in this backup to update every day.  i set automatic deletion of old points after alloted disk space full.  by the time july comes all my recovery points are from june.  the older ones have been deleted.  but i still have the original april 1 full backup? and i can restore my drive to the april 1 state?

is this correct?

 

thank you.