1) Create a new document. 1000x1000. Transparent. Press D to reset colours.

2) Filter /Render /Clouds. Then Filter /Render /Different Clouds. Ctrl + F Twice.

3) Filter /Distort /Pinch, settings 100%.Ctrl + F once!!

4) Filter /Distort /Twirl, Angle 200. Crtl + L then auto.

5) Duplicate the Layer, Ctrl + J. Filter /Distort /Wave

Gen: 1 or 5
Wav: Min = 20 Max = 421
Amp: Min = 10 Max = 80
Type Sine
Repeat edge pixels

Set Blend mode to lighten

6) Merg Down Ctrl + E. Duplicate Layer Ctrl + J Filter /Distort /Twirl Angle -400.

Set blend mode to lighten

7) On layer 1 Ctrl + U Colorize

Hue: 220
Sat: 25
Light: 0

make sure colorize box is checked.

After that Ctrl + L Click Auto.

On layer 1 copy Ctrl + U Colorize

Hue: 200
Sat: 25
Light: 0

make sure colorize box is checked.

8) Duplicate Layer 1 Copy Ctrl + J. Filter /Dostort/ Twirl Angle 350.

9) Filter /Distort /Wave Use same settings as before. Ctrl + Shift + U .
Ctrl + U

Hue: 0
Sat: 25
Light: 0

Set bland mode to lighten.
Ctrl + Shift + E To merg all the layers

10) Make a new layer, use paint bucket tool. and fill the whole layer black.

11) Filter /Render /Lens Flare, Brightness 100%, Lens Type 105mm Prime.
Put a lens flare in each corner of the layer

12) Drag the lens flared layer underneate the red and blue layer.

Set the the red and blue layer to hard light then Ctrl + E to merg the layers.