Very much so, a plugin which was linked to in Deses' post .Deses, are you selecting the blank area beneath the icon where you want your reflection to be?
In the plugin's topic, take a look at the example given where the reflection is applied to the name 'BoltBait', that's what you should do for this: select where you want your reflection to be, then run the effect and all should be good. Actually, let's show the screenshot here (click to enlarge):
Do tell if it works out for you.
Oh, that was it! I left the step where I had to select the blank area beneath the icon... OK, now I have a much wonderful icon.
Thank you very much.
Oh, one last thing. How can I add a little shade between the icon and the reflection?
P.D.: Original icon by JyriK