Then return to original image and paste (Ctrl-V). Group this new layer with shape layer (Layer menu - Create clipping mask), so that curved lines are limited with red wave. Set lines layer blend mode to Soft light.
Switch to Eraser tool (E), set mode to Brush, select large soft brush, and erase lines near edge of red wave.
Create new layer, group it with previous layers (Layer menu - Create clipping mask),
then use very large black and white soft brush (B) to put dots here and there. Apply some Gaussian Blur (Filter menu - Blur - Gaussian Blur) if necessary.
Set this layer blend mode to Soft light.
Now, create new shape with different color (underneath red wave layer) and simply repeat all steps above!