Start by applying a solid color to the background layer.



Double click this layer in layer window to unflatten it. Double click the layer to open layer style window. Apply layer style with the settings shown.





Using custom shape tool create a preset 5 pont star shape.



Populate the background with stars of different sizes.



Rasterize the layer. Hide the background layer. Create a rectangular selection of the whole area using rectangular marquee tool.



From edit menu select define pattern. name the pattern "stars". We'll use this pattern regularly in later steps.



Change the layer mode of stars layer to overlay.



Using custom shape tool create a preset 5 pont star shape.

Double click the layer to open layer style window. Apply layer style with the settings shown. We'll use star pattern that we saved in pattern overlay this time.











Using pen tool create a shape as shown.



Apply same layer style as we applied on star shape. In next few layers we're going to apply same layer style.



Create a rectangle using rectangular shape tool. Press Ctrl+T. Right Click and select Warp. Adjust the nodes to get the shapes of lips.





Create few ellipses using elliptical shape tool. Place as shown.

Create a circle for the eye using elliptical shape tool. Apply stroke layer style.



Create tail shape using pen tool.



Select and merge all the fish layers. Duplicate the layer. Right click and select rotate 180°. Place as shown.



Create a circle using elliptical shape tool.



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







Duplicate the circle layer several times to create an illusion of bubbles and place as shown.



Create a rectangle using rectangular shape tool and type the star sign name over it. That should give it a finishing touch.