Start off by making a new Document, i used Size 200x200. Then press 'D' To Reset Your Colors.

1. Now goto Filter > Render > Clouds.

2. Goto Filter > Artistic > Plastic Wrap And use the Settings Below

3. Now goto Filter > Distort > Wave And use the Settings Below

4. Now Add Color CTRL + U And then Duplicate that Layer. And then set the Blend Mode to Overlay

And then goto Edit > Transform > Flip Horizontal And then it should come out like the image below.