Step 1

Reset your colors then open a new document:

Width: 500 Pixels
Height: 500 Pixels
Background: Background Color(should be black)

Step 2

Now we are going to use the popular lens flare:

Brightness: 100%
Lens Type: 50-300mm Zoom
Flare Center: Move the flare around by clicking on the thumbnail, position them to look roughly like what we have got below.

You have to go to the lens flare filter every time you want to create a new flare. You will need to do it 4 times.

This is what yours should look like after applying the filter 4 times but bigger of course.

Step 3

Now we Polar Coordinate it with rectangular to polar.

Options: Rectangular to Polar

Step 4

We are now going to use the trusty combination of the Chrome filter now.

Detail: 4
Smoothness: 7

Example of what we got now.

Step 5

Duplicate this layer then change the new layer's blending mode to Lighten. Now lets rotate this image 90° clockwise.

Repeat this step 2 more times on the NEW layer, you shouldn't have to change the blending mode because it should already be at Lighten, but if it isn't then change the new layer's blending modes to lighten.

Step 6

Merge visible all your layers. Let us give this thing some life, open up the Hue/Saturation box, you can play with the settings to get different effects or colors.

Colorize Box: CHECKED
Hue: 207
Saturation: 56
Lightness: 0

Now doesn't that lool purdy!

Final Product

Wasn't that easy?!? Below is our final product.