Code can be indented in a way you didn't mean for it to be. But it cannot be incorrectly indented in the sense I just described, because the indentation changes the functionality of the code. The indentation can never mislead you about the structure of the code.

I've seen one case where it has, where the outdent at the end of a nested loop/loop/if was wrong: it was only 3 spaces instead of matching the 4 indent, so it looked right at a glance but wasn't. Needed to use pdb to step through it and see it do the wrong thing before that stuck out.