1) Make a new document, anysize doesn't matter. Press CNTRL+D to reset your pallete colors. Set your background to BLACK.
2) Apply Filter>Artistic>Plastic Wrap with these settings:
3) Apply Filter>Distort>Wave with these settings:
4) Apply Filter>Distort>Diffuse Glow with these following settings:
5) Press CNTRL+U and apply these Hue settings:
6) Now we got something like this:
7) I added a twirl to my final effect. Filter>Distort>Twirl:
Final Effect:
More Tutorials: 
whata....