The next layer has the color #DA1818:

Next layer has the color #AF0102:

Next we have to change the settings for the top part of the ball: set Fill to 0% and change the settings for Inner Shadow:

Settings for Gradient Overlay :

Click in the color bar to open the Gradient Editor and set the color stops as shown. Click OK to close the Gradient Editor dialog box.

This is the color of the lateral shadow – #AE0001:

The color of the ball’s support is #AC0500:

Next we’ll change the settings for the green ball. The primary layer: Inner Shadow:

Settings for Gradient Overlay

Click in the color bar to open the Gradient Editor and set the color stops as shown. Click OK to close the Gradient Editor dialog box.

The next layer has the color #2CAB02:

Next layer has the color #1B6802:

The Layer Styles for the top layer. SetFill to 0% and settings for Inner Shadow:

Settings for Gradient Overlay :

Click in the color bar to open the Gradient Editor and set the color stops as shown. Click OK to close the Gradient Editor dialog box.

The color of the upper shadow on the right top is #124B00:

We’ve got the next result:

Make a copy of each ball’s group. Merge Down into a single layer by pressing Ctrl+E. Do this operation with each copy. The copies may be turned over with the Free Transform (Ctrl+T) command, changing the sizes, as it is represented on the next picture. This way we’ll get a reflection.

Insert the mask on each layer containing the reflection by choosing Add layer mask on the bottom part of the Layers panel . Take the Gradient Tool (G) and open the Gradient Editor from Options Bar. Choose the Foreground to Transparent gradient and apply the gradient from the bottom to top.

We’ve got the next result:

Use the Ellipse Tool (U), try to make three similar layers for shadows and after that place them under the balls’ layers. The color is white.

Set Fill to 20% for layers containing the shadows.

Create a new layer, select Airbrush Soft Round brush from Brush Tool (B).

Use this brush to insert several white dots of different sizes, placed around the ribbons.

Finished!

Inspired from Vector Illustration of three Christmas Balls by Ann Triling.