Step 1

Create a new image with a black background. Render two lens flares like above.

Step 2

Liquify the image like above.

Step 3

Duplicate the layer by pressing CTRL+J. Rotate it like above (you can mess around with this).

Step 4

Set the mode to lighten by double clicking your new layer. Use the above settings. Merge down by pressing CTRL+E

Step 5

Duplicate the layer (CTRL+J), and rotate like above. Double click the layer and set the blending mode to screen. Merge Down (CTRL+E)

Step 6

Duplicate the layer AGAIN (CTRL+J). Go into the spherize filter and use the above settings.

Step 7

Press CTRL+U and colorize it. I used the above settings, I suggest you use similar.

Step 8
Set the blending settings to linear dodge. Merge Down (CTRL+E). Go into radial blur filter and use the above settings.

Final Product

As usual, if you have any questions please post below .