damian said:
Arguable if there's a rebelay loop 20 cms further down the rope. There isn't far you can slip then.
But, if you were to fall, even a short distance, while above and near to a rebelay with an appreciable length of rope above it, most of the shock load would occur on the rebelay near to you. This is because the rope above stretches and there is only a short length betwen you and the rebelay. You can get a high fall factor in this case. And if the rope were to snap, there would be nothing between you and the bottom of the pitch.
Most cavers think you are safest when near the anchor - from a shock load point of view, the longer the rope there is betwen you and the nearset anchor location, the better.
Francis is right.