Bug in Equations circular reference warning?

There appears to be a bug in Equations in regard to the circular reference warning. If there is a circular reference I don't see it, can someone point out my stupidity please.

Refer image below and attached part.

Well I would insert an image but get the following error, attached image instead.

[com.jivesoftware.base.database.dao.DAOException: com.jivesoftware.base.database.dao.DAOException: Unable to store image '54251': storage provider returned false on the put operation]

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