Nebe,
No caves, just a gully. The danger lurks in the sheerness of the rock face at the base of the rock; when big waves are the order of the day, you get pulled away from the rock but into the curl of the next wave, it's sort of like being set up for a spike in a volleyball game.
Best suggestion for somebody that falls in is to immediately swim away from shore and then shed boots or waders and look for a lobster pot and hang on. On most days you can almost always make a safe exit on the north side of the rock, but you have to approach it on a diagonal course cutting your way into shore at an angle that tucks you behind Indian Rock. It's actually a pretty lackluster spot with many better areas to the south, especially off the reef known as "The Brothers" and between that reef and shore.
The one thing that spot offers is a good casting platform to get you into deeper water where you might find some transient fish.
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