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".
