Next select the Layer Style. Make a double click on the left mouse’s button on this layer on the layers’ panel and set the Inner Shadow as shown:

Add Inner Glow:

Set Bevel and Emboss:

Add Satin:

We’ve got a soap bubble:

Make a copy of it and try to distort it, using the Ctrl+T shortcut, have a right click on it and choose out of the list the Warp option:

It’s the result you should get on this stage:

On a new layer we’ll represent several lines with the brush:

Smudge them out, applying the Smudge Tool (R) with the Strength on 50%.

Set for this layer Blend Mode to Overlay:

Make a copy of this layer:

Choose on a new layer a brush of white color, Opacity of 10%.

We’ll represent the fog on the picture:

Set for this layer Blend Mode to Overlay:

It’s the result we’ve got:

On a new layer we’ll represent more dots using Brush Tool (B) of the color #EC008C.

… approximately like on the picture:

… and insert several white ones:

Make a copy of the layer containing white dots and select then Filter>Blur>Motion Blur.

We’ve got the dynamics effect for the dots:

The final result!

View full size here.