diff --git a/parso/python/normalizer.py b/parso/python/normalizer.py
index 45dcc34..ed6e67c 100644
--- a/parso/python/normalizer.py
+++ b/parso/python/normalizer.py
@@ -5,6 +5,7 @@ from parso.normalizer import Normalizer, Rule, NormalizerConfig
 _IMPORT_TYPES = ('import_name', 'import_from')
 _SUITE_INTRODUCERS = ('classdef', 'funcdef', 'if_stmt', 'while_stmt',
                       'for_stmt', 'try_stmt', 'with_stmt')
+_OPENING_BRACKETS = '([{'
 
 class CompressNormalizer(Normalizer):
     """
@@ -81,6 +82,8 @@ class IndentationNode(object):
 
 class BracketNode(IndentationNode):
     def __init__(self, config, parent_indentation, leaf):
+        self.leaf = leaf
+
         next_leaf = leaf.get_next_leaf()
         if '\n' in next_leaf.prefix:
             # This implies code like:
@@ -256,14 +259,14 @@ class PEP8Normalizer(Normalizer):
                                 self.add_issue(123, "Losing bracket does not match indentation of opening bracket's line", leaf)
                         else:
                             if len(info.indentation) < len(should_be_indentation):
-                                if node.type == BracketNode.SAME_INDENT_TYPE:
+                                if node.type == IndentationNode.SAME_INDENT_TYPE:
                                     self.add_issue(128, 'Continuation line under-indented for visual indent', leaf)
-                                elif node.type == BracketNode.BACKSLASH_TYPE:
+                                elif node.type == IndentationNode.BACKSLASH_TYPE:
                                     self.add_issue(122, 'Continuation line missing indentation or outdented', leaf)
                                 else:
                                     self.add_issue(121, 'Continuation line under-indented for hanging indent', leaf)
                             else:
-                                if node.type == BracketNode.SAME_INDENT_TYPE:
+                                if node.type == IndentationNode.SAME_INDENT_TYPE:
                                     self.add_issue(127, 'Continuation line over-indented for visual indent', leaf)
                                 else:
                                     self.add_issue(126, 'Continuation line over-indented for hanging indent', leaf)
@@ -307,10 +310,22 @@ class PEP8Normalizer(Normalizer):
         # -------------------------------
         if value and value in '()[]{}' and leaf.type != 'error_leaf' \
                 and leaf.parent.type != 'error_node':
-            if value in '([{':
+            if value in _OPENING_BRACKETS:
+                # Figure out here what the indentation is. For chained brackets
+                # we can basically use the previous indentation.
+                previous_leaf = leaf
+                index = 1
+                while not info.newline_count:
+                    previous_leaf = previous_leaf.get_previous_leaf()
+                    n = self._indentation_stack[-index]
+                    if not isinstance(n, BracketNode) or previous_leaf != n.leaf:
+                        break
+                    index += 1
+                indentation = self._indentation_stack[-index].indentation
+
                 self._indentation_stack.append(
                     BracketNode(
-                        self._config, self._indentation_stack[-1].indentation,
+                        self._config, indentation,
                         leaf
                     )
                 )
diff --git a/test/normalizer_issue_files/E12_first.py b/test/normalizer_issue_files/E12_first.py
new file mode 100644
index 0000000..79cf627
--- /dev/null
+++ b/test/normalizer_issue_files/E12_first.py
@@ -0,0 +1,79 @@
+print "E121", (
+    #: E121:2
+  "dent")
+print "E122", (
+    #: E121:0
+"dent")
+my_list = [
+    1, 2, 3,
+    4, 5, 6,
+    #: E123
+    ]
+print "E124", ("visual",
+               "indent_two"
+               #: E124:14
+              )
+print "E124", ("visual",
+               "indent_five"
+               #: E124:0
+)
+a = (123,
+     #: E124:0
+)
+#: E129+1:4
+if (row < 0 or self.moduleCount <= row or
+    col < 0 or self.moduleCount <= col):
+    raise Exception("%s,%s - %s" % (row, col, self.moduleCount))
+
+print "E126", (
+    #: E126:12
+            "dent")
+print "E126", (
+    #: E126:8
+        "dent")
+print "E127", ("over-",
+               #: E127:18
+                  "over-indent")
+print "E128", ("visual",
+               #: E128:4
+    "hanging")
+print "E128", ("under-",
+               #: E128:14
+              "under-indent")
+
+
+my_list = [
+    1, 2, 3,
+    4, 5, 6,
+    #: E123:5
+     ]
+result = {
+    #: E121:3
+   'key1': 'value',
+    #: E121:3
+   'key2': 'value',
+}
+rv.update(dict.fromkeys((
+              'qualif_nr', 'reasonComment_en', 'reasonComment_fr',
+              'reasonComment_de', 'reasonComment_it'),
+          #: E128
+          '?'),
+          "foo")
+
+#: E126+1:10 E126+2:10
+abricot = 3 + \
+          4 + \
+          5 + 6
+print "hello", (
+
+    "there",
+    #: E131:5
+     # "john",
+    "dude")
+part = set_mimetype((
+    a.get('mime_type', 'text')),
+                    'default')
+part = set_mimetype((
+    a.get('mime_type', 'text')),
+    #: E127:21
+                     'default')