This tutorials shows you how to make water bubbles in adobe photoshop.

1.
Start by making a blue background layer, then make a new empty layer above it to work in.

2.
Make an elliptical selection for the bubble, hold down shift and hit backspace to fill the selection with the same blue color as the background.

3.
Double click the new layer to get to the layers style panel and give it an inner shadow as shown below

4.
Now load the elliptical selection by holding down ctrl and click the layer.
With the elliptical selection tool and selection mode called subtract from selection drag over the selection as illustrated below.

5.
Make a new layer above the others, rename it reflection1, then go to select -> modify -> smooth and smooth it about 5, Go to select -> modify -> contract and contract it about 8px.
Hold down shift and hit backspace to fill the selction with white.

6.
Give it a filter -> blur -> gaussian blur with an amount at about 4.5.

7.
Make a new layer and name it reflection2, hold down ctrl again and click the elliptical layer to load the selection.
With the elliptical selection tool and selection mode called subtract from selection drag over the selection as illustrated below.

8.
Then go to select -> modify -> smooth and smooth it about 8, Go to select -> modify -> contract and contract it about 7px.
Hold down shift and hit backspace to fill the selction with white.
Go to edit -> transform -> wrap and drag the grid to reshape the reflection shape a bit, so it follows the elliptical shape.
Give it a filter -> blur -> gaussian blur with an amount at about 4.5.

9.
In the layers panel, hold down ctrl and click all the bubble layers to select them, the right click them and choose merge layers to make them one layer.

Now you can make some copies of the layer, and go custom shape the bubble a bit you can either use edit -> transform -> wrap and drag the grid, or you could go to filters -> liquify and use the forward wrap tool to make the shape a bit more interesting.