1) Make a new document, anysize doesn't matter. Press CNTRL+D to reset your pallete colors. Make sure your background is BLACK.
2) Apply Filter>Artistic>Plastic Wrap with these settings:
3) Filter>Distort>Twirl:
4) Apply Filter>Sketch>Chrome with these settings:
5) Add the color now, press CNTRL+U:
6) Now Duplicate the layer. Set the top layer blending change to Soft Light.
Press CNTRL+E to emerge the 2 layers back together.
7) Select the paint bucket tool, set your foreground color to black. Find a spot on the graphic and try the paint bucket tool:
This is how my paint fill is like:
8) Now we want to smoothen out the edges, go to Filter>Blur>Gaussian Blur and try these settings or try your own:
My final graphic:
You can also try erasing the dot in the middle if you dont like it, I left it there. I also think this graphic works great as a logo.
More Tutorials: 
