Automatic translation validation across the unoptimized intermediate representation (IR) of the original source code and the optimized executable assembly code is a desirable capability, and has the potential to compete with existing approaches to verified compilation such as CompCert [Leroy 2006]. A difficult subproblem is the automatic identification of the correlations across the transitions between the two programs’ respective locations. We present a counterexample-guided algorithm to identify these correlations in a robust and scalable manner. Our algorithm has both theoretical and empirical advantages over prior work in this problem space.