Step 1
Create a new image with a black background. Render two lens flares like below.
Step 2
Liquify the image like below.
Step 3
Duplicate the layer by pressing Ctrl+J. Rotate it like below (you can mess around with this).
Step 4
Set the mode to lighten by double clicking your new layer. Use the below settings. Merge down by pressing Ctrl+E
Step 5
Duplicate the layer (Ctrl+J), and rotate like below.
Double click the layer and set the blending mode to screen.
Merge Down (Ctrl+E)
Step 6
Duplicate the layer again (Ctrl+J). Go into the spherize filter and use the below settings.
Step 7
Press Ctrl+U and colorize it. I used the below settings, I suggest you use similar.
Step 8
Set the blending settings to linear dodge.
Merge Down (Ctrl+E). Go into radial blur filter and use the above settings.
Final Product
