I know that Gatsby can see the light reflecting on the ocean water.
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The colour green is a significant symbol in this novel. We usually see green as growth, money, regeneration...For Gatsby, the green light is different, it makes him "tremble." The green light reminds him of Daisy. She is an illusion of new beginnings, love, longing and desire. Daisy of course is actually the opposite of any of these things but not for Gatsby. In Chapter one Nick watches Gatsby stretch out his arms towards this light as if it is a sign that he will find what he so desperately longs for.