diff --git a/plugins/InspectionGadgets/InspectionGadgetsAnalysis/src/com/siyeh/ig/javadoc/HtmlTagCanBeJavadocTagInspection.java b/plugins/InspectionGadgets/InspectionGadgetsAnalysis/src/com/siyeh/ig/javadoc/HtmlTagCanBeJavadocTagInspection.java
index 8e09f0f466d7..0e8787f0159a 100644
--- a/plugins/InspectionGadgets/InspectionGadgetsAnalysis/src/com/siyeh/ig/javadoc/HtmlTagCanBeJavadocTagInspection.java
+++ b/plugins/InspectionGadgets/InspectionGadgetsAnalysis/src/com/siyeh/ig/javadoc/HtmlTagCanBeJavadocTagInspection.java
@@ -25,6 +25,7 @@ import com.intellij.psi.PsiDocumentManager;
 import com.intellij.psi.PsiElement;
 import com.intellij.psi.PsiFile;
 import com.intellij.psi.javadoc.PsiDocToken;
+import com.intellij.psi.javadoc.PsiInlineDocTag;
 import com.intellij.psi.tree.IElementType;
 import com.intellij.psi.util.PsiTreeUtil;
 import com.intellij.psi.util.PsiUtil;
@@ -148,18 +149,29 @@ public class HtmlTagCanBeJavadocTagInspection extends BaseInspection {
     }
 
     private static boolean hasMatchingCloseTag(PsiElement element, int offset) {
+      int balance = 0;
       while (element != null) {
         @NonNls final String text = element.getText();
         final int endIndex = StringUtil.indexOfIgnoreCase(text, "</code>", offset);
         final int end = endIndex >= 0 ? endIndex : text.length();
-        if (containsHtmlTag(text, offset, end) || StringUtil.containsAnyChar(text, "{}", offset, end)) {
+        if (text.equals("{")) {
+          balance++;
+        }
+        else if (text.equals("}")) {
+          balance--;
+          if (balance < 0) return false;
+        }
+        if (containsHtmlTag(text, offset, end)) {
           return false;
         }
         if (endIndex >= 0) {
-          return true;
+          return balance == 0;
         }
         offset = 0;
         element = element.getNextSibling();
+        if (element instanceof PsiInlineDocTag) {
+          return false;
+        }
       }
       return false;
     }
diff --git a/plugins/InspectionGadgets/test/com/siyeh/igtest/javadoc/html_tag_can_be_javadoc_tag/HtmlTagCanBeJavadocTag.java b/plugins/InspectionGadgets/test/com/siyeh/igtest/javadoc/html_tag_can_be_javadoc_tag/HtmlTagCanBeJavadocTag.java
index 29eb808c9af4..3a563f055e1d 100644
--- a/plugins/InspectionGadgets/test/com/siyeh/igtest/javadoc/html_tag_can_be_javadoc_tag/HtmlTagCanBeJavadocTag.java
+++ b/plugins/InspectionGadgets/test/com/siyeh/igtest/javadoc/html_tag_can_be_javadoc_tag/HtmlTagCanBeJavadocTag.java
@@ -3,7 +3,7 @@ package com.siyeh.igtest.javadoc.html_tag_can_be_javadoc_tag;
 class HtmlTagCanBeJavadocTag {
 
   /**
-   * <code>if (something) { this.doSomething(); }</code>
+   * <warning descr="'<code>...</code>' can be replaced with '{@code ...}'"><code></warning>if (something) { this.doSomething(); }</code>
    * <warning descr="'<code>...</code>' can be replaced with '{@code ...}'"><code></warning>
    *     asdf
    * </code>
@@ -32,4 +32,10 @@ class HtmlTagCanBeJavadocTag {
    * <code>x2 = {@link #x x} * 2</code>
    */
   public int x2 = x*2;
+
+  /**
+   * <warning descr="'<code>...</code>' can be replaced with '{@code ...}'"><code></warning>{}</code>
+   * <code>}{</code>
+   */
+  private String indubitably = null;
 }
\ No newline at end of file