Starting off in the green box, wait for carousel to move the yellow box directly. Then, have Toadette drop down into the yellow box, this time waiting for the blue box to set directly underneath it.
Get inside the yellow crate and wait until it's above the blue. Drop into the blue and grab the first gem. Get into the red crate and wait until you can drop down into the hole to grab the final gem.
Find out how to collect all of the Super Gems and complete the Bonus Challenge in Episode 3-23 Color Crate Carousel. For more on Captain Toad: Treasure Tracker, check ...