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Here's what we'll be attempting to make:
Or something like that....
Open up a canvas 800x600
Change the background color to black.
Then, add a new layer, on this layer add some squiggles of light and dark colors.
Zoom blur with these settings
Then twist with these settings.
Add a new layer and add more squiggles and zoom blur again then twist.
Duplicate this layer twice and make adjustments to the opacity.
Make a new layer and put squiggles like this on:
Zoom blur twice then twist with these settings:
Duplicate the layer, select it then rotate it to your liking.
Duplicate again, and rotate that layer too.
Mess with their opacity a little bit to your liking.
Make a new layer, set the secondary color's opacity to 0 and change the foreground's color to white.
In the center of the wormhole make a small, radial gradient.
Duplicate this layer twice then merge them down.
Mess with this layers opacity then add a new layer.
Make another white radial gradient, dupe it, and merge it down.
Change it's opacity, merge it down.
Make a radial gradient in the center with the main wormhole color but close to white.
Flatten and then you're done!