Start by applying a gradient to the background.

From filter menu select distort>>twirl. Apply settings as shown.

Select magic wand tool and click on the red area to get a selection. Press Ctrl+J to copy paste the selection in a new layer.

Double click the layer to open layer style window. Apply layer style with the settings shown.

Similarly select other colors using magic wand tool. Duplicate the selection and apply the same layer style.

Select and merge all the layers. From filter menu select distort>>stained glass. Apply settings as shown.

Add new effect layer from the bottom of effect window. Select plastic wrap from the artistic menu. Apply settings as shown.

Duplicate the layer. Change the layer mode to difference.

Duplicate the layer again and change the layer mode to color.

Select and merge all the layers. Duplicate the layer. From filter menu select distort>>ocean ripple. Apply settings as shown.

Change the layer mode to linear dodge.