1) Make a new document, I used 300x300.

2) Paint your background BLACK.

3) Add Filter>Artistic>Plastic Wrap with these following settings:



4) Add Filter>Distort>Wave with these settings:

5) Press CNTRL+U to add color. Use these settings below:



6) Right click the layer and go to Duplicate. After duplicated apply Screen as the new layers blending change.

7) Filter>Distort>Wave apply another wave to the new duplicated layer and use these settings:



8) Still on the new layer, press CNTRL+U and apply these hue settings:



Voila!