The green light represents Gatsby's hopes and dreams for the future. Gatsby equates it with Daisy, he reaches for it in the dark as a guiding light to guide him to his destination.
Since the green light hovers at the extreme of Daisy's dock, and Gatsby purchased his home so that he could see it every night, the green light clearly represents his undying love for Daisy.
The green light represents hope in this context. The green light symbolized a past love which had been lost, and Gatsby had discovered that love again after many years.
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