Better, but not yet good enough. We'll need another effect - light reflecting from bottom of each waterdrop. Ctrl-click layer to make waterdrops selected (or right-click layer thumb and choose Select Layer Transparency). Then go to Select > Modify > Contract and contract it by about 5 pixels.

Condensed - Making Of - Step 16

Create new layer, fill the
 
selection with white, then move selection about 10px to top, and hit Del to remove selected area.

Condensed - Making Of - Step 17

Now apply a bit of blur, and set blend mode to soft light or overlay - and you are done!

Author: Vlad Gerasimov
URL:    http://www.vladstudio.com