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 - Plastic Wrap

Apply Filter>Artistic>Plastic Wrap with these settings:

Apply Filter - Wave

Apply Filter>Distort>Wave with these settings:

Apply Filter - Plastic Wrap

Apply the Plastic Wrap filter again. This will make it look more like plasma.

Edit Color

Press CNTRL+U at the same time to edit the color. Use the settings below or adjust
to color of choice:

Duplicate

Duplicate the layer. Do this by right clicking the layer and going to Duplicate. Now change the blending change to Color Dodge and set the opacity from 30-40%:


Voila: