Wave Effect

Step 1. Create a new 500x500 pixels document using a transparent "background".

Now fill it with black: Edit - Fill.

Step 2. Go to Filter - Render - Lensflare and apply the following settings:

Step 3. Now go to Filter - Stylize - Find edges. It should look like this:

Step 4. Now you must invert the colors by pressing Ctrl+I. It will look like this:

Now press Ctrl+U and use the following settings:

This is my result:

Step 5. Go to Filter - Distort - Wave using the next settings:

Duplicate the layer and go to Edit - Transform - Flip Vertical.

Now duplicate the layer and set its Blending Mode to "Screen".