Original image

step 1 of 4

step 2 of 4

step 3 of 4
Add a new Layer
Filter > Noise > Add Noise (Settings: 81.17%, Gaussian, Monochromatic)
Filter > Blur > Motion Blur
(Settings: -47 degree angle, Distance 24 pixels)
Image > Image Adjustments > Levels
(Input: 201; 1.00; 255)
Go to layer palette and change blending mode to Screen.
Render>Lens Flare

step 4 of 4
1) Open the gardiant tool
2) Select transparent rainbow
3)Adjust the settings
4)Choose the radial gardiant on toolbar and draw a line
5) Filter>Distort>Polar Coordinates
6) Erase any unwanted parts.

Final result

