Step 1:

Make a new document.

Step 2:

Go to Filter>Render>Clouds.

Step 3:

Go to Filter>Pixelate>Mezzotint Use the medium stroke.

Step 4:

Go to Filter>Blur>Radial Blur

Amount: 100
Zoom: Best

Step 5:

Duplicate that layer. Then go to Filter>Distort>Twirl Set it to 196%.

Step 6:

Now duplicate the current layer and go Edit>Transform>Flip Horizontal Set the blending mode to darken then hit 'CTRL+E'.

Step 7:

Duplicate the confined layer and Go to Edit>Transform Rotate 90 degrees CCW and set that layer's blending style to soft light.

Step 8:

Select the other layer and set the blending style to darken. Go to Filter>Distort>Twirl Set to 196%.

Step 9:

Go to Filter>Distort>Wave Use the default settings. Then hit Randomize a couple of times.

Step 10:

Duplicate the Wave Layer then go to Edit>Transform>Flip Horizontal. Set the blending style to Darken then merge all the layers together.

Step 11:

Go to Filter>Distort>Wave Use the default settings. Then hit Randomize a couple of times.