Create a document with a white background.

Inverse (command I) so it starts with black.

Filter, render, lens flare

Filter, sketch, chrome

Duplicate layer and chose “lighten” from menu on layers palette.

Duplicate as much as you want (control click on the layer and select duplicate layer)

Then on all but the bottom 2 layers, chose Filter, distort, wave.

On the bottom two layers, choose Filter, distort, twirl.

Then, merge visible layers.

Go to Enhance, adjust color, hue/saturation (or command U).

Click colorize and slide the hue and saturation to where you want it (saturation should be all the way up-to the right).

Done!

Feel free to modify this in any way you like such as making a multi-color background.

Have fun!