Step 1

Start by making a black background layer 500 by 500 px. Then go to filter -> render -> lens flare and set it as ( view).

Step 2

Now go to filter -> distort -> ripple and ripple it as in the image below.Amount 300 and size medium Now your effect should look like this.

Step 3

Go to filter -> Sketch > chrome and give it settings as shown below

Step 4

Go to filter -> distort -> twirl and set it as below, just to twirl it a bit

Step 5

Now we need to change the colors and saturations, so go to image -> adjustments -> hue and saturations and drag the handles to change the colors and put up the saturation And you are done