Design Study

Open an image and duplicate the layer
Image > Adjustments > Desaturate
Duplicate the desaturated layer
Image > Adjustments > Invert
Set the inverted layer to Color Dodge
Filter > Others > Minimum - Radius: 1
Edit Layer Style and go to Blending Options
Adjust Underlying Layer by holding Alt and left-clicking - Values: 10, 70, 255
Merge two layers on top and duplicate it
Filter > Blur > Gaussian Blur - Radius: 7.5px
Set the blurred layer to Linear Burn
Duplicate the original layer and bring it to top
Filter > Artistic > Palette Knife - Stroke Size: 10, Stroke Detail: 2, Softness: 5
Set the top layer to Multiply

Select different colors for the foreground/background
Filter > Render > Clouds
Filter > Noise > Add Noise - Amount: 5%, Distribution: Gaussian, Monochromatic
Create a new Alpha Channel
Filter > Render > Difference Clouds
Filter > Noise > Add Noise - Amount: 5%, Distribution: Gaussian, Monochromatic
Edit > Fade Add Noise - Opacity: 50%
Filter > Render > Difference Clouds
Repeat Difference Clouds two to five more times
Duplicate the colored layer and turn off the top layer
Select the bottom layer
Filter > Render > Lighting Effects - Intensity: 55, Focus: 90, Gloss: -100, Material: 50, Ambience: 6, Texture Channel: the alpha channel, White is high, Height: 100
Turn on the top layer
Filter > Render > Lighting Effects - Intensity: 55, Focus: 90, Gloss: -50, Material: 50, Ambience: 6, Texture Channel: the alpha channel, White is high, Height: 100

Open an image for the background
Type text in black
Open Layer Style Window and change Fill Opacity to 3%
Apply Drop Shadow - Blend Mode: Multiply, Opacity: 100%, Angle: 90, Distance: 1px, Size: 1px, Contour: Gaussian
Apply Inner Shadow - Blend Mode: Color Burn, Opacity: 45%, Size: 10px
Apply Inner Glow - Blend Mode: Overlay, Opacity: 30%, Color: Black
Apply Bevel and Emboss - Style: Inner Bevel, Technique: Chisel Hard, Depth: 250%, Size: 15px, Soften: 10px, Angle: 90, Altitude: 30, Highlight Mode Opacity: 100%, Shadow Mode: Color Dodge, Shadow Mode Opacity: 35%
Filter > Pixelate > Crystallize - Cell Size: 10px
Filter > Blur > Box Blur - Radius: 1px

Double-click on Pencil Tool - Fidelity: 0.5px, Fill new pencil strokes, Keep selected
Draw a shape of a brush stroke and fill it with light gray
Draw a shape of a larger brush stroke and fill it dark gray
Draw a shape of the largest brush stroke and keep it transparent
Align and select all the shapes
Object > Blend > Blend Options - Smooth Color
Object > Blend > Make
Set the blended shape to Multiply in Transparency Window
Drag the blended shape into Brushes Window - New Art Brush, Method: Tints

Create a shape that represents a letter
Apply Gradient Overlay - Opacity: 100%, Gradient: Black to White, Style: Angle, Angle: depends
Apply Drop Shadow - Blend Mode: Multiply, Color: Black, Distance: 0px, Spread: 5%, Size: 10px

Create a new layer and fill it with black
Select Brush Tool and open Brush Panel Window - Color: White, Master Diameter: 1px, Hardness: 0%
Edit Shape Dynamics - Angle Jitter: 5%, Roundness Jitter: 5%, Minimum Roundness: 25%
Edit Scattering - Both Axes, Scatter: 10%, Count: 1, Count Jitter: 50%
Turn on Smoothing
Select Pen Tool and draw a path
Right-click and apply Stroke Path
Draw more paths and apply Stroke Path each time
Merge the lines into one layer
Apply Drop Shadow - Blend Mode: Normal, Color: Pink, Opacity: 75%, Distance: 0px, Size: 0px, Contour: Half Round
Apply Outer Glow - Blend Mode: Normal, Opacity: 75%, Color: Rainbow gradient, Size: 20px