Step 1

Open your canvas. Press D. (to set default foreground and background colors) Press Alt+Backspace to fill canvas with black color. Duplicate the layer ( right click on the current layer on the layer's panel and select 'duplicate layer '). Continue working on this new layer.

Step 2

Select the gradient tool from the tool bar, place the cursor at the bottom of the canvas, click and drag it to the top of the canvas. Now your canvas has a black and white gradient fill.

Step 3

Click on Filter>Distort>Wave the Wave window appears, give the settings as in the image on the right.

Step 4

Click on Filter>Distort>Polar Coordinates. The polar coordinates window opens up, give the settings as 100% and check the 'Rectangular to Polar' option.

Step 5

Click on Image>Adjustments>Hue/ Saturation and change the settings to : Hue - 200, Saturation - 25 and Lightness - 0. Check the Colorize option