New document

Make a new document, anysize doesn't matter. Press CNTRL+D to reset your pallete colors. Set your background to BLACK.

Apply Filter - Plastyic Wrap

Apply Filter>Artistic>Plastic Wrap with these settings:

Apply Filter - Wave

Apply Filter>Distort>Wave with these settings:

Apply Filter - Diffuse Glow

Apply Filter>Distort>Diffuse Glow with these following settings:

Apply Hue Settings

Press CNTRL+U and apply these Hue settings:

Preview

Now we got something like this:

Apply Filter - Twirl

I added a twirl to my final effect. Filter>Distort>Twirl:


Final Effect: