There is no support for Only S3 right now.
Currently, S3 is only supported for cold storage.
Scenerio: Let's say we are keeping data in disk/PVC for 7 days and retaining for total of 14 days.
If you query for 3 days, data will be queried from disk.
If you query for last 10 days, data from both disk and S3 would be aggregated.