diff --git a/lib/md033.js b/lib/md033.js
index 6bfa0516..2cfdc6b0 100644
--- a/lib/md033.js
+++ b/lib/md033.js
@@ -31,7 +31,8 @@ module.exports = {
           !emailAddressRe.test(content)) {
           const prefix = line.substring(0, match.index);
           if (!linkDestinationRe.test(prefix) && !inlineCodeRe.test(prefix) &&
-            !unescapeMarkdown(prefix + "<", "_").endsWith("_")) {
+            !unescapeMarkdown(prefix + "<", "_").endsWith("_") &&
+            (unescapeMarkdown(prefix + "`", "_").match(/`/g).length % 2)) {
             addError(onError, lineIndex + 1, "Element: " + element,
               null, [ match.index + 1, tag.length ]);
           }
diff --git a/test/inline_html.md b/test/inline_html.md
index 90ddd406..70a98403 100644
--- a/test/inline_html.md
+++ b/test/inline_html.md
@@ -11,3 +11,13 @@ but this time on multiple lines
 ```text
 <p>Neither should this as it's also in a code block {MD046:11}</p>
 ```
+
+## Elements in code spans
+
+Text `<code>` text \` text
+Text \` text `<code>` text
+Text \` text \` text `<code>` text
+Text \` text `<code>` text `<code>` text
+Text \` text `<code>` text \` text `<code>` text
+Text \`\` text `<code>` text
+Text `<code>` text \` text `<code>` text