Text Reflections

    So, assuming you already have your text written, dublicate the layer and rasterize it (Layer > Rasterize > Type).

       1.Squash the copy a bit with Edit > Transform > Scale or by pressing Ctrl+T (shortcut for Free Transform).

example


       2.Go to filter > Distort > Ripple, set the Amount to 100 and Size to Medium (default values).

example


       3. Go to Edit > Transform > Perspective and drag one of the nodes in the lower corners to flail it out and give the impression that it reflects from a flat surface.
       4. In the end, reduce the Opacity to.. 40%.
       Alternatively you can make a shadow by giving up the ripping effect and adding gaussian blur to the dublicated layer . Experiment yourself!

example