Step1: Creating the Effect.
Create a New Image using the dimension 800 x 600. Set the background color to white. Click on the Type Tool
and write something in your work area. I typed "reflection text". Your work area should look something like the image below.
the reflection text color is : 4d9bc1
and the Text color is: ff9000
Still on the text layer press Ctrl+J to duplicate the layer, Select the Chop Tool
right click on the duplicated text and click Free Transform. With that the options below should show up on the task bar. Change the height to -100% as shown below.
Now drag the Duplicated layer under the main layer to get the effect below.
Click on the Duplicated Layer, click Blending Options and add the setting below.
Gradient Overlay
Gradient Overlay (Gradient)
When you are finished click ok, to add the setting.
Finished
Well that is it, hope it came out to what you expected.
More Tutorials: 
