Start with a new image of you're size. I've choosen 400*400.
Now go to clouds (filter -render - clouds)
Then go to difference clouds (filter- render- difference clouds)
Now go to Mezzotint (filter- pixalate- mezzotint) and use these settings:
Then apply an Radial Blur (filter- blur- radial blur) to it with these settings:
Press Ctrl + F to do it again.
Now duplicate the layer.
Apply in each "mid"corner of the new layer a lens flare (filter- render- lens flare):
After that apply a twirl with an amount of 600 on the image (filter- distort- twirl)
Set the blending mode to screen.
Now I have this:
Merge the 2 layers together ( Ctrl + E)
Now duplicate the new merged layer.
Add an wave to it ( filter- distort- wave)with the standart settings.
Set the mode to overlay and you're done!
This is what I get:
