Creating disco loops abstract background effect

Start by creating a new file with black as background color. Select gradient tool. Create a gradient as shown below.

Select radial mode as gradient style. Change gradient mode to screen on options bar at top.

Create a new layer and apply this gradient.

Apply this gradient several times as shown below.

Change the layer mode to "Color Dodge".

Repeat the above steps again to create more disco loops.

Create duplicate of both disco layers and merge the duplicate layers. From "Filter" menu select "Distort>>Wave". Apply settings as shown.

Press Ctrl+U to open hue/saturation window. Apply settings as shown.

Change the layer mode to "Screen".