diff --git a/composer.json b/composer.json
index eef6513b..941ca3e9 100644
--- a/composer.json
+++ b/composer.json
@@ -67,7 +67,7 @@
 				"source": {
 					"url": "https://github.com/Mermade/openapi3-examples",
 					"type": "git",
-					"reference": "master"
+					"reference": "3e8740c4994310a5d6a35d9b19e405862326f149"
 				}
 			}
 		},
diff --git a/src/spec/Reference.php b/src/spec/Reference.php
index 9fff04bd..f1df189b 100644
--- a/src/spec/Reference.php
+++ b/src/spec/Reference.php
@@ -302,7 +302,8 @@ private function adjustRelativeReferences($referencedDocument, $basePath, $baseD
                 if (isset($value[0]) && $value[0] === '#') {
                     // direcly inline references in the same document,
                     // these are not going to be valid in the new context anymore
-                    return (new JsonPointer(substr($value, 1)))->evaluate($baseDocument);
+                    $inlineDocument = (new JsonPointer(substr($value, 1)))->evaluate($baseDocument);
+                    return $this->adjustRelativeReferences($inlineDocument, $basePath, $baseDocument, $oContext);
                 }
                 $referencedDocument[$key] = $context->resolveRelativeUri($value);
                 $parts = explode('#', $referencedDocument[$key], 2);
diff --git a/tests/spec/ReferenceTest.php b/tests/spec/ReferenceTest.php
index 40307fd2..45e1263c 100644
--- a/tests/spec/ReferenceTest.php
+++ b/tests/spec/ReferenceTest.php
@@ -220,6 +220,17 @@ public function testResolveFileInSubdir()
         $this->assertEquals('integer', $parameter->schema->type);
     }
 
+    public function testResolveFileInSubdirWithMultipleRelativePaths()
+    {
+        $file = __DIR__ . '/data/reference/InlineRelativeResolve/sub/dir/Pathfile.json';
+        /** @var $openapi OpenApi */
+        $openapi = Reader::readFromJsonFile($file, OpenApi::class, true);
+
+        $result = $openapi->validate();
+        $this->assertEmpty($openapi->getErrors());
+        $this->assertTrue($result);
+    }
+
     public function testResolveFileHttp()
     {
         $file = 'https://raw.githubusercontent.com/cebe/php-openapi/290389bbd337cf4d70ecedfd3a3d886715e19552/tests/spec/data/reference/base.yaml';
diff --git a/tests/spec/data/reference/InlineRelativeResolve/Schemas/ChildComponent.json b/tests/spec/data/reference/InlineRelativeResolve/Schemas/ChildComponent.json
new file mode 100644
index 00000000..643215c0
--- /dev/null
+++ b/tests/spec/data/reference/InlineRelativeResolve/Schemas/ChildComponent.json
@@ -0,0 +1,20 @@
+{
+  "openapi": "3.0.2",
+  "info": {
+    "title": "",
+    "version": ""
+  },
+  "paths": {},
+  "components": {
+    "schemas": {
+      "ChildComponent": {
+        "type": "object",
+        "properties": {
+          "foo": {
+            "type": "string"
+          }
+        }
+      }
+    }
+  }
+}
\ No newline at end of file
diff --git a/tests/spec/data/reference/InlineRelativeResolve/Schemas/Components.json b/tests/spec/data/reference/InlineRelativeResolve/Schemas/Components.json
new file mode 100644
index 00000000..f33be13b
--- /dev/null
+++ b/tests/spec/data/reference/InlineRelativeResolve/Schemas/Components.json
@@ -0,0 +1,33 @@
+{
+  "openapi": "3.0.2",
+  "info": {
+    "title": "",
+    "version": ""
+  },
+  "paths": {},
+  "components": {
+    "schemas": {
+      "ListOfComponents": {
+        "description": "",
+        "type": "object",
+        "properties": {
+          "list": {
+            "$ref": "#/components/schemas/SingleComponent"
+          }
+        }
+      },
+      "SingleComponent": {
+        "description": "",
+        "type": "object",
+        "properties": {
+          "childs": {
+            "type": "array",
+            "items": {
+              "$ref": "./ChildComponent.json#/components/schemas/ChildComponent"
+            }
+          }
+        }
+      }
+    }
+  }
+}
diff --git a/tests/spec/data/reference/InlineRelativeResolve/sub/dir/Pathfile.json b/tests/spec/data/reference/InlineRelativeResolve/sub/dir/Pathfile.json
new file mode 100644
index 00000000..fb97fc74
--- /dev/null
+++ b/tests/spec/data/reference/InlineRelativeResolve/sub/dir/Pathfile.json
@@ -0,0 +1,33 @@
+{
+    "openapi": "3.0.2",
+    "info": {
+        "title": "",
+        "version": ""
+    },
+    "paths": {
+        "/pathexample": {
+            "get": {
+                "responses": {
+                    "200": {
+                        "content": {
+                            "application/json": {
+                                "schema": {
+                                    "type": "object",
+                                    "properties": {
+                                        "propertiesWithRefs": {
+                                            "type": "array",
+                                            "items": {
+                                                "$ref": "../../Schemas/Components.json#/components/schemas/ListOfComponents"
+                                            }
+                                        }
+                                    }
+                                }
+                            }
+                        },
+                        "description": "Example with inline ChildComponents with relative files"
+                    }
+                }
+            }
+        }
+    }
+}
\ No newline at end of file