For ground reflections, make copies of the front side of the letters. Then flip both these copies using Cmd/Ctrl+T and then Transform>Flip Vertical. Position one as the reflection of the front of the letters and one for the back. Use the Polygon Lasso and Fill tools to add the side elements to the back side of the letters. Then use the Color Overlay layer style to choose colours for the reflections.
Merge the back side and sides with the front layer, and apply a large soft brush eraser to fade out the reflection. First we select the top letters and, at the bottom-left of the selection, we hold down the eraser and move it to the right. Once you’re done, repeat this process for the letters on the bottom row.
Next add the bright coloured parts of the reflection. Most of these can be duplicated, moved and flipped vertically to save time. Some might need a little bit of editing by way of cutting parts away with the Polygon Lasso tool. To tone down the reflection a bit, use an Eraser set to 40% Opacity to brush away some of the brightness.
Add lined edges so it looks as if light is breaking out of the type. Select all the side parts of the letters using Cmd/Ctrl+Shift+H on the layer images in the Layers palette. Then, on a new layer, fill this selection. Open the fx options, setting Advanced Blending Fill Opacity to 0%. Next set the Stroke size to 10px and position to Inside, within the same option-set.
Add a new layer under the layer with a Stroke. Merge the two. Apply a soft eraser to parts of the lines. Make a selection from the Stroke layer. Create a new layer and delete the merged layer. On the new layer apply a hard brush to apply different colours to the selection. You can use the Eyedropper tool (Opt/Alt) to select tones from the canvas.
Now it’s time to add some glows. This can be achieved by duplicating the lines layer from the previous step and adding a Gaussian Blur. For the second glow we take the standard soft brush and, on a new layer, brush over the bright-coloured blocks. Use the Eyedropper again for a coherent colour scheme. After brushing, play with the opacity to control the effect’s intensity.
Adding extra shine to the letters can be done by making a selection of the front side of the letters, adding Select>Modify>Contract at 10px. Create a new layer and use a soft brush to add large spots in the upper-left corner of each letter. After creating light spots, lower the opacity to correspond with the lighting in the rest of the image. Also move the layer a little to the left and down to better fit the perspective.
Here we add a series of 7px lines and six-sided polygon shapes in conforming colours on a new layer on top of the letters. Use a soft eraser to fade parts of the shapes and ends of the lines. Duplicate the layer and use the Gaussian Blur to give the items a nice glow. The same technique is also used to create the little glowing lines in the ground reflections.
Finally focus on making the light effects really pop. Do this by adding a new layer on top of the layer stack. With a soft white brush – in various sizes – add white spots to the brightest places. Use the light spots from Step 17 as a reference. As a last step we set this layer to Overlay blending mode and play with the opacity to get the best intensity.