Create a new document with black background. Go to Filter > Render> Lens Flare.
Then Filter > Distort > Glass
Now to Filter > Distort > Polar coordinates (polar to rectangular).
Copy layer (Ctrl+C, Ctrl+V) and transform it Edit > Transform > Flip vertical. Change layers Blending Mode to difference.
Click to enlarge
You can colorize layers (Ctrl+U) for more interesting result.