Make a New Document

Make a new document, anysize doesn't matter. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is WHITE.

Gradient Tool

Select the Gradient Tool and make a diagonal gradient like mine below:

Apply Filter>Distort>Ripple with these settings:

Apply Filter-Glowing Edges

Apply Filter>Stylize>Glowing Edges with these settings:

Apply Filter-Chrome

Apply Filter>Sketch>Chrome with these settings:

Apply your color

Apply your color now if you want. I used red. CNTRL+U

Apply Filter-Wind

Now Apply Filter>Stylize>Wind choose any direction you want the wind to come from. Apply the filter. Now press CNTRL+F to apply the same filter a few more times.

Apply Filter-Polar Coordinates

Apply Filter>Distort>Polar Coordinates with these settings:

Done: