Start by applying a gradient to the background.



Duplicate the layer. From "Filter" menu select Distort>>Zig Zag. Apply settings as shown.





Scale down vertically and change the layer mode to "Linear Burn".



Insert cutout of your favorite celebrity.



Duplicate layer. Press Ctrl+T. Right click the layer and select distort. Adjust nodes to create a perspective shadow. Reduce the opacity.



Create an ellipse using elliptical shape tool.



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









From edit menu select define brush preset. Name this preset as bubble.