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

2) Select the Brush Tool and now select:

From the brush menu...

3) Make crazy zig zag lines like below:



4) Filter>Blur>Radial Blur with these settings:



5) Filter>Sketch>Chrome with these settings:



6) Apply these hue settings, press CNTRL+U:



7) Right click the layer and go to Duplicate. Now go to Edit:



8) Change the blending change to Multiply with around 20% opacity:



Badda boom badda bing: