diff --git a/public/app/plugins/datasource/graphite/graphite_query.ts b/public/app/plugins/datasource/graphite/graphite_query.ts
index 94e2d7db4ef..d9202c335a5 100644
--- a/public/app/plugins/datasource/graphite/graphite_query.ts
+++ b/public/app/plugins/datasource/graphite/graphite_query.ts
@@ -210,17 +210,20 @@ export default class GraphiteQuery {
     // render nested query
     const targetsByRefId = keyBy(targets, 'refId');
 
-    // no references to self
-    delete targetsByRefId[target.refId];
-
     const nestedSeriesRefRegex = /\#([A-Z])/g;
     let targetWithNestedQueries = target.target;
 
     // Use ref count to track circular references
     each(targetsByRefId, (t, id) => {
       const regex = RegExp(`\#(${id})`, 'g');
-      const refMatches = targetWithNestedQueries.match(regex);
-      t.refCount = refMatches?.length ?? 0;
+      let refCount = 0;
+      each(targetsByRefId, (t2, id2) => {
+        if (id2 !== id) {
+          const refMatches = t2.target.match(regex);
+          refCount += refMatches?.length ?? 0;
+        }
+      });
+      t.refCount = refCount;
     });
 
     // Keep interpolating until there are no query references
diff --git a/public/app/plugins/datasource/graphite/specs/graphite_query.test.ts b/public/app/plugins/datasource/graphite/specs/graphite_query.test.ts
index a02456b64a9..5d5035c5dd6 100644
--- a/public/app/plugins/datasource/graphite/specs/graphite_query.test.ts
+++ b/public/app/plugins/datasource/graphite/specs/graphite_query.test.ts
@@ -53,6 +53,21 @@ describe('Graphite query model', () => {
       expect(ctx.queryModel.target.targetFull).toBe(targetFullExpected);
     });
 
+    it('targetFull should include nested queries at any level with repeated subqueries', () => {
+      ctx.target = { refId: 'C', target: 'aggregateSeriesLists(#B, #C, "sum")' };
+      ctx.targets = [
+        { refId: 'A', target: 'first.query.count' },
+        { refId: 'B', target: "alias(timeShift(#A, '-1min', true), '-1min')" },
+        { refId: 'C', target: "alias(timeShift(#A, '-2min', true), '-2min')" },
+        { refId: 'D', target: 'aggregateSeriesLists(#B, #C, "sum")' },
+      ];
+      ctx.queryModel = new GraphiteQuery(ctx.datasource, ctx.target, ctx.templateSrv);
+      ctx.queryModel.updateRenderedTarget(ctx.target, ctx.targets);
+      const targetFullExpected =
+        "aggregateSeriesLists(alias(timeShift(first.query.count, '-1min', true), '-1min'), alias(timeShift(first.query.count, '-2min', true), '-2min'), \"sum\")";
+      expect(ctx.queryModel.target.targetFull).toBe(targetFullExpected);
+    });
+
     it('should not hang on circular references', () => {
       ctx.target.target = 'asPercent(#A, #B)';
       ctx.targets = [