1. Start by creating a new document (400x400 - white background) now press ‘D’ to set your foreground and background colors to black and white.
2. Now click on filter > render > clouds.. now filter > render > difference clouds, hold ‘Ctrl’L and hit ‘F’ 5 times, now press ‘Ctrl’ & ‘I’ (this will invert the colors)
3. Click image > adjust > equalize (this should darken the image) now we need to create a zoom effect, so.. click filter > blur > radial blur, settings should be: (amount: 100, blur method: zoom, quality: best) now click ok.
4. Lets add some color to this, so click image > adjustments > hue/saturation.. (i used these settings:) But you can pick whatever color you wish.
5. Duplicate the layer and set the mode to lighten, now click edit > transform > flip horizontal. Now merge the layers.. this can be done by clicking layer > merge down, as seen in the example below:
6. Duplicate the layer, and set the mode to lighten (again) click edit > transform > flip vertical and merge.
7. Once again.. duplicate your layer and set the mode to lighten. This time click filter > distort > pinch and set the number around 40%, click ok and merge the layers.
8. Duplicate your layer and set it to lighten (last time).. click filter > other > offset, use the settings: (200px 200px) hit ok and merge.
9. The final result:
Optional: you can play around with the colors of this.. by clicking: image > adjustments > hue/saturation.
More Tutorials: 
