Gradient’s parameters:

The third copy:

The layer’s parameters:
Blending Options>Gradient Overlay

Gradient’s parameters:

The fourth one:

The layer’s parameters:
Blending Options>Gradient Overlay

Gradient’s parameters:

The fifth copy must be colored in white.

Select one more time the Ellipse Tool (U) to represent one more ellipse:

The layer’s parameters:
Fill 0% on the layers:
Blending Options>Gradient Overlay

Gradient’s parameters:

Make five copies of the last made layer and choose the same Free Transform option to change the copies’ sizes and copies’ placement (the same way it was described before).
The first copy has the white color:

The second copy:

The layer’s parameters:
Fill 0% on the layers:
Blending Options>Gradient Overlay

Gradient’s parameters:

The third copy:

The layer’s parameters:
Fill 0% on the layers.
Blending Options>Gradient Overlay

Gradient’s parameters:

The fourth copy is of next shown color: #24CAE2

The fifth copy is colored in #FFAC04

Create a new layer and choose this time a brush (Brush Tool (B)), setting previously the color’s parameters:

The picture is finished!

View full size here.

Inspired from Colors (Rich Gallagher).