NavigateArrow doesn't go to all dependent cells

In Excel VBA, I'm trying to use NavigateArrow to iterate through all of the cells whose formulas are dependent certain cell.

First, here's how I have the sheets set up:

• Sheet1, cell A1: I have a number entered in this cell.
• Sheet1, cell B1: =A1
• Sheet1, cell E1: =A1
• Sheet2, cell A2: =Sheet1!A1
• Sheet2, cell E2: =Sheet1!A1
• Sheet3, cell A3: =Sheet1!A1
• Sheet3, cell E3: =Sheet1!A1

On Sheet1, cell A1, when I click Formulas > Formula Auditing > Trace Dependents, it works as expected:

• I get arrows to all the dependent cells.
• If I doubleclick on either of the arrows to cells on Sheet1, it goes directly to that cell.
• If I doubleclick on the dashed arrow to dependencies outside Sheet1, I get a Go To dialog with links to all of the other four dependent cells on the other two sheets. If I select one of those links and click OK, it goes to that cell on that sheet. All four links work as expected.

I want to iterate through all of those dependent cells in VBA. Here's what I've done:

Sub TraceAllDependents2()
    Const NAVIGATE_DEPENDENTS As Boolean = False
    Dim rgTraceDep As Range, rgDepRange As Range
    Dim rgBeforeNav As Range, rgAfterNav As Range
    Dim iArrowCounter As Long
    
    '===========================================================================
    'SET THE CELL TO TRACE HERE:
    Set rgTraceDep = ThisWorkbook.Worksheets("Sheet1").Range("A1")
    '===========================================================================
    
    iArrowCounter = 0 'init. Arrows are 1-based.
    Set rgBeforeNav = rgTraceDep
    rgTraceDep.ShowDependents
    
    Do 'loop through arrows:
        iArrowCounter = iArrowCounter + 1
        rgTraceDep.NavigateArrow NAVIGATE_DEPENDENTS, iArrowCounter: DoEvents
        Set rgAfterNav = ActiveCell
        If rgBeforeNav.Address(External:=True) <> rgAfterNav.Address(External:=True) Then
            'we followed an arrow:
            Debug.Print CellAddressWithSheetname(rgAfterNav.Address(External:=True)), "Arrow #" & iArrowCounter
        Else
            'this cell does NOT have any more arrows.
            Exit Do
        End If
    Loop 'until done with arrows.

    
    rgTraceDep.Parent.ClearArrows
End Sub

Function CellAddressWithSheetname(external_address As String) As String
    Dim strAddrSht As String
    strAddrSht = Replace(external_address, ThisWorkbook.Name, "")
    strAddrSht = Replace(strAddrSht, "[]", "")
    CellAddressWithSheetname = strAddrSht
End Function

Instead of iterating through all 6 dependent cells, it only goes through 3 of them:

Sheet2!$A$2            Arrow #1
Sheet1!$E$1            Arrow #2
Sheet1!$B$1            Arrow #3

What am I doing wrong?

As can be seen from the method signature

expression.NavigateArrow(TowardPrecedent, ArrowNumber, LinkNumber)

in addition to the ArrowNumber, there is a LinkNumber. The arrow pointing away from the current worksheet, i.e., the one pointing to Sheet2 and Sheet3 (and which is represented as Arrow 1), also requires the LinkNumber. In debug, is showed only Sheet2!$A$2, because that would be Arrow 1 and Link 1. With the remaining links number, all the others are also visible.

A second loop is therefore needed to increment the links. In the following code, the second loop waits for an error message about a non-existent link, but the code can be optimized:

Sub TraceAllDependents2()
    Const NAVIGATE_DEPENDENTS As Boolean = False
    Dim rgTraceDep As Range, rgDepRange As Range
    Dim rgBeforeNav As Range, rgAfterNav As Range
    Dim iArrowCounter As Long
    
    '===========================================================================
    'SET THE CELL TO TRACE HERE:
    Set rgTraceDep = ThisWorkbook.Worksheets("Sheet1").Range("A1")
    '===========================================================================
    
    iArrowCounter = 0 'init. Arrows are 1-based.
    Set rgBeforeNav = rgTraceDep
    rgTraceDep.ShowDependents
    
    Do 'loop through arrows:
        iArrowCounter = iArrowCounter + 1
        iLink = 1
        rgTraceDep.NavigateArrow NAVIGATE_DEPENDENTS, iArrowCounter, 1: DoEvents
        Set rgAfterNav = ActiveCell
        If rgBeforeNav.Address(External:=True) <> rgAfterNav.Address(External:=True) Then
            'we followed an arrow:
            Debug.Print CellAddressWithSheetname(rgAfterNav.Address(External:=True)), "Arrow #" & iArrowCounter
            Do
                On Error Resume Next
                iLink = iLink + 1
                rgTraceDep.NavigateArrow NAVIGATE_DEPENDENTS, iArrowCounter, iLink: DoEvents
                If Err.Number = 0 Then
                    Set rgAfterNav = ActiveCell
                    Debug.Print CellAddressWithSheetname(rgAfterNav.Address(External:=True)), "Arrow #" & iArrowCounter, "Link #" & iLink
                Else
                    Exit Do
                End If
            Loop Until Err.Number <> 0
        Else
            'this cell does NOT have any more arrows.
            Exit Do
        End If
    Loop 'until done with arrows.

    
    rgTraceDep.Parent.ClearArrows
End Sub

The code print following dependents:

Sheet2!$A$2   Arrow #1
Sheet3!$A$3   Arrow #1      Link #2
Sheet2!$E$2   Arrow #1      Link #3
Sheet3!$E$3   Arrow #1      Link #4
Sheet1!$E$1   Arrow #2
Sheet1!$B$1   Arrow #3