[1] Open a new document of 1280 x 1024 Pixels.

[2] Create a new layer and fill it with black.

[3] Now Goto>Filter>Render>lens Flare and set this lens

[3] Now Goto>Filter>Sketch>Chrome and set these figures

[4] Now again Goto>Filter>Distort>wave and set these values,press Randomize button for appropriate effect

Now you have something like that after all effects

[5] Now Press Ctrl+U to open Hue/Saturation window and set its levels to make it colorfull as shown

[6] Now Press Ctrl+J to Duplicate this layer and again Goto>Filter>Distort>wave and set these values,press Randomize button for appropriate effect

[7] Now change layer’s Style to Screen as shown

Now you have something like this

[8] Now Make 4,5 Copies by pressing Ctrl+J

[9] Now Create a new layer and fill it with black

[10] Now Goto>Filter>Render>Lens Flare and set this lens

[11] Now Press Ctrl+T to make it thin as shown

[12] Now make 2 more copies and rotate them by pressing Ctrl+T to make it look like a star and merge all layers by selecting and pressing Ctrl+E

[13] Now Change this layer’s blending Mode to Lighten.

its Done…!

Thanks for Reading..!