Based on the pic, it appears to be a marker/signpost carved onto a rock! If I had to guess, it indicates something buried at the bottom of a dug hole or in a (natural) hole. I also could be pointing, open end or closed end, towards the next marker or signpost or whatever is hidden.
i agree with huntsman, it appears to be a Marker carved into the stone. there is a section in these forums where people discuss markings in stones and some one may be able to help you figure this one out.
What country? What part of the country? What do the surroundings look like? Could this be describing a nearby valley or gully? If so, follow a straight line across to a prominent landmark and look for more clues.