Step 1 Open a new file and create a new layer. Press D to set the default foreground color (black) and background color (white))

Step 2

Select the gradient tool from the toolbar, place the cursor at the bottom of the canvas, click and drag  it upwards to the top of the canvas. Your canvas will have a gradient fill now.

Step 3 Click on Filter>Distort>Wave. The Wave window opens as in the image on the right. The settings and values given by me are as follows. Number of Generators - 10 Type - Square Wavelength Min-10   Max 120 Amplitude Min 5 Max 35 Scale Horizontal, Vertical - 100% Undefined Areas - Repeat Edge Pixels Click on OK.

Step 4

Click on Filter>Distort>Polar Coordinates. In the polar coordinates window give the value 100% and select 'Rectangular to Polar'.

Step 5

Click on Image>Adjustments>Invert to invert the color. Next click on Image>Adjustments>Curves and adjust the curve till you are satisfied with the image. Then click on Image>Adjustments>Levels and adjust the sliders till the color levels seem OK to you.

Step 6

On the layers panel set the blending mode to 'multiply'. Next click on Filter>Distort>Twirl and set to 100% and angle - 80.

Step 7

Click on Layers>Flatten>Image.

Step 8

Here we go!