New document

Make a new document. Find a image you like, preferably one with a white/bright background. Here is the image I used:

Duplicate & Add Overlay

Right click the layer and select Duplicate. Once the layer is Duplicated add Overlay as the blending change:

Duplicate

Duplicate the "Layer 1 copy" layer 2 times. So you should now have 4 layers (5 in total including the white background).

Change Blending -Color Burn

For "Layer 1 copy 2" you need to change the blending to Color Burn:

Your canvas should look similar to:

Add Filter-Polar Coordinates

Now on the same layer (Layer 1 copy2) we want to apply Filter>Distort>Polar Coordinates with these settings:

You should now have something similar to this:

You may skip this step if you are already satisfied with what you got. In this step you will use the Smudge Tool in order to smoothen out the polar coordinate filter. Notice in red circle below:

Select the Smudge Tool and lower the smudge brush size to 10px or lower. Make sure your still on Layer 1 copy 2. Smudge the parts you want smoothened out.