New Document

Make a 400x400 document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Go to Filter>Render>Difference Clouds and press CNTRL+F one time.

Apply Lens Flare Effect

Now we want to apply some lens flares, go to Filter>Render>Lens Flare and make a pretty big 105 Prime lens flare like mine below, also make a couple other smaller ones:

Mosaic and Water Paper Filter Effect

Apply Mosaic Filter>Pixelate>Mosaic, now apply water paper Filter>Sketch>Water Paper, use all default settings.

Radial Blur

Apply Filter>Blur>Radial Blur and use these settings:

New duplicated Layer

Now duplicate the layer and set the new duplicated to Screen:

Apply Clouds Render Effect in New Layer

Create a new layer and apply Filter>Render>Clouds then apply Filter>Render>Difference Clouds. Now set the New Layer blending mode to Linear Dodge:

Apply Hue/Saturations

Now apply these Hue/Saturations to Background copy layer by pressing CNTRL+U:

Apply Hue/Saturations

Now apply these Hue/Saturations to Background layer by pressing CNTRL+U:

Your layers window should look like this:

You are done, heres the finished effect: