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.

Create a circular selection using elliptical marquee tool. Create a new layer and fill it with blue to white gradient in linear mode.



From select menu select modify>>contract. Contract the selection by 10 pixel. Press Shift+Ctrl+D to feather the selection.



Press delete to remove the selection area.



Create a new layer above all the layers. Fill it with black color.From "Filter" menu select render>>lens flare. Apply settings as shown.





Change the layer mode to "Screen".





Select black as foreground and white as background color. Create a new layer. Select bubble brush from brush settings. Apply the brush randomly to complete the wallpaper.