
Make new canvas with your text in it.
Duplicate the layer.
Choose the first layer (original layer below the copy layer) then rasterize this layer with Layer>Rasterize>Type.
Flip the text in above layer with Edit>Transform>Flip Vertical.
Then arrange the position of that text shadow below the original text.
Now we give this text reflection with some touches:
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We give gradation effect. Layer>Layer Style>Gradient Overlay. In Blend Mode choose Normal, Opacity: 100, Style: Linear, Scale: 100, Gradation: Black to White, Angle: -90.
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Then choose Filter>Distort>Ripple with Amount: 150 and Size: Medium.





