1. Let's create a new file follow as: File -> New -> of 1280x960px/72 dpi.
2. Using the Paint Bucket Tool (Keyboard Key: G), give the new background layer black color.
3. On a new layer (Create new layer: CTRL + N) we'll apply a standard brush (brush properties displaying in image below).
4. Brush represent a spot on the central part of the picture. The brush's color is #fcff00
5. Select the next option for the layer containing the spot: Fitler -> Distort -> ZigZag (ZigZag Properties).
6. here is 5. step result after apply ZigZag
7. Now we just decrease fill parameters (100% to 30%):
8. Next we're going to choose the Rectangle Tool (Keyword key: U) to draw three white rectangle lines which must be turned over (as you seen in image below) with Free Transform option.
9. Those three layers with the white lines must be combined in a group (select all three white rectangle layers and Press: CTRL + G), after that make rasterize this group and apply an filter as follow: Filer -> Distort -> Wave
10. after apple "Wave" you will get expected result as below image:
11. On the same layer (wave effect layer) we need to apply also Filter ->Blur ->Gaussian blur and expected result as image below:
12. Let's move on next new layer we'll apply again the standard brush of white color and Opacity of 45%
13. now shown result below of step 12.
14. One the same layer we are applying: Blending mode-Overlay
(Opasity: 50% as shown image below)
15. in this step we just duplicate effected layer, 3 time duplicate and transform which must be turned over as you seen image below:
16. Write the text "SMASHINGBUZZ" as follow text properties:
17. showing canvas where you seen text as we instrected in step 16.
18. Now on text layer's parameters: Fill 0% Blending Options ->Drop Shadow
19. Now on text layer's parameters: Blending Options -> Inner Shadow
20. Now on text layer's parameters: Blending Options ->Inner Glow
21. after these 2 options we may look at result as image below:
22. Now on text layer's parameters: Blending Options ->Bevel and Emboss
23. Now on text layer's parameters: Blending Options ->Bevel and Emboss -> Contour
24. Now on text layer's parameters: Blending Options ->Satin
25. Now on text layer's parameters: Blending Options ->Gradient Overlay
26. Now on text layer's parameters: Blending Options ->Gradient Overlay (now in this step we just setup rainbow colors as we need result)
1. #1c0424
2. #d45aaf
3. #ff1d00
4. #fff600
5. #a2ff00
6. #00baff
7. #081734
27. Now on text layer's parameters: Blending Options ->Stroke
28. Create a new layer and apply again the standard brush of white color (Opacity of 50%) to represent many dots.
29. The layer's parameters: Blending mode -> Overlay as we get result in image below:
30. now make a copy of the last made layer (doted layer)
31. Make one more copies of the last created layer and choose again Free Transform option to turn around its axe the copy's layer.
32. Make a copy of the last made layer, selecting here Filter -> Blur -> Radial blur , we showing settings below:
33. after radicle blue we showing expected result in image below:
34. Final Result
