1) Make a 400x400 document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is BLACK.
2) Now apply Filter>Render>Lens Flare and use these settings:
3) Apply Filter>Distort>Wave and use these settings aswell:
4) Apply these Hue/Saturation Settings:
Duplicate the layer and set Screen as the blending mode for the duplicated layer:
5) Edit>Transform>Rotate 90 CW. Now your done, very easy yet nice abstract texture.
More Tutorials: 
