Start off by making a new Document, i used Size 200x200. Then press 'D' To Reset Your Colors.
1. Now goto Filter > Render > Clouds.
2. Goto Filter > Artistic > Plastic Wrap And use the Settings Below
3. Now goto Filter > Distort > Wave And use the Settings Below
4. Now Add Color CTRL + U And then Duplicate that Layer. And then set the Blend Mode to Overlay
And then goto Edit > Transform > Flip Horizontal And then it should come out like the image below.
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