1. Make a new document, anysize doesn’t matter. Press CNTRL+D to reset your pallete colors. Set your background to BLACK.
2. Apply Filter>Artistic>Plastic Wrap with these settings:
3. Apply Filter>Distort>Wave with these settings:
4. Apply Filter>Distort>Diffuse Glow with these following settings:
5. Press CNTRL+U and apply these Hue settings:
6. Now we got something like this:
7. I added a twirl to my final effect. Filter>Distort>Twirl: