Option help understanding a deep itm covered put

Help me to figure this out. The benefits and the loss.

Sell a covered put

exp: 16th january 2026 for 61.90 credit.

Buy a put

exp 1 Nov. 2024 at 6.58

With a total credit of 5532 and max loss up until Nov 1 2024 of $700.

As price goes up and gets closer to Nov.1 roll it to a new further out date spending another $600

Now you have coverage Nov. 1 2024 to Jan. 16th 2026 with a total credit of $4932. And can close the options at any point for a smaller profit as price goes higher.

What are the downfalls to this besides having money put to the side for covered put.

Would throwing in a purchase of a call option somewhere in there to pick up some gain from positive movement.

Just trying to get what you guys see is wrong that im not seeing.