Simple GOTO question (targeting parent levels)

Here is my problem:

NOTE: for this example
-MC 1 will be named RED
-MC 2 will be named BLUE
-FRAME LABEL will be named LOOP

I have a movieClip, RED, that plays in the main timeline (level 0). This movie clip, on a “release” action through an embeded button, accesses an embeded movieClip, BLUE, located on level 1. When the movieClip BLUE has finished playing, I would like for the playhead to be redirected back up one level, to movieClip RED. I would also like for it to be directed to a frame label, LOOP, located in the RED movieClip. As it currently stands, BLUE continues to loop, and loop, and loop and loop…

Basically, I need to know how to access frame labels of movieClips located on different levels.

Any and all help is greatly appreciated.