Step 1. Choose a picture.
Step 2. Create a new file.
Step 3. Create a new layer, and put the picture in the layer.
Step 4. Create a new layer, use ellipse tool to draw as following picture.
Ellipse tool
Step 5. Press ctrl and click on the layer C's thumbnail to select this layer.
Step 6. Press Alt+Shift+D to open the Feather Selection window. Set as following.
Step 7. Go to "layer1", Press Ctrl+J,copy the selected part.
Step 8. Go to Layer 2, Press Shift+Ctrl+X to Open the Liquify window.
Step 9. Use Bloat tool draw on the circles.
Result:
Step 10. Go to Layer "C", Ctrl+T to transform this layer. Set as following picture.
Step 11. Press Ctrl, and click on the thumbnail of Layer "C" to select it.
Step 12. Same as before, Ctrl+Alt+D open feather selection window, set radius 6. Go to Layer 1, press Ctrl+J copy selected part. Press Ctrl+Shift+X again, Open the Liquify window and then use bloat tool to draw on the circles.
Step 13. Repeat 4 times. (Don't forget to transform layer "C" each time.)
Result.
Step 14. Go to Image ready. Open the Animation window.
Step 15. Press the Duplicate Current Frame tool 5 times.
_ Duplicate Current Frame Tool
Step 16. Set each frame stay 0.2 seconds.
Step 17. Set each frame's layer option as below.
1
2
3
4
5
6
Step 18. Save it as Gif, Done!
Result.






More Photoshop: