Step 1 Make a 350x350px new document with black color as background. Then Filters>Render>Lens Flare. Simply put the lens flare anywhere as u like, this is mine.
Step 2 Filter>Distort>Wave. Wave the lens flares with ur own style.
Step 3 Go to Filter>Stylize>Glowing Edges...

Now u're done! This is what i get.