New Document

Make a new document, I used 700x200. Press CNTRL+D to reset your pallete colors. Start off with any color of background, I used white.

Marque Tool

Starting with the Elipitical Marque Tool we want to make a lots of oval and round selections like below:
*Note if you hold SHIFT you can make numerous selections at once. Try it out :D

Create a New Layer

Make a new layer and fill the selection in with black:

Apply Filter - Wave

Apply Filter>Distort>Wave with these settings:

Apply Filter - Radial Blur

Now apply Filter>Blur>Radial Blur:

Hue Settings

Press CNTRL+U and use these colors settings or adjust to make a color that suits you:

Duplicate Layer

Duplicate the layer and change the Blending Change to Linear Burn:

Apply Filter - Twirl

Apply Filter>Distort>Twirl to the Linear Burn layer with these settings:

Apply Twirl

Duplicate the layer one more time and add a little more Filter>Distort>Twirl.

Duplicate Layer

Duplicate the layer again and rotate it:
Final: