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Make sure you select a created layer and set Default Background and Foreground colors (D or Icon next to the switching colors). Go to Filter > Render > Clouds... In your ellipse should appear clouds. Add another filter - Difference Clouds (Filter > Render > Difference Clouds...). You should get similar like in image below.
To better understand the structure of the future nebula, change the Blending mode for this layer to "Color Dodge". Repeat apply filter "Difference Clouds", using Cmd/Ctrl+ F or Filter > Difference Clouds. Keep hitting Cmd/Ctrl+ F until you get the desired result or at least 9000 times :).
Deselect nebula (Select > Deselect or Cmd/Ctrl + D) and begin to sculpting the shape. At this stage, I used two tools: Warp Tool (Ctrl/Cmd+ T or Edit > Transform > Warp) and Puppet Warp (Edit > Puppet Warp). To give the basic shape, I used a Warp Tool few times, gives shape to something similar on picture. You can experiment with all of the Transformation tools. Try to stretch the edge of the nebula, so they will look more interesting and realistic.
To make a more precise form, I used Puppet Warp few times to make the final desired shape. I place transformation pointâ€™s nebula around the edges and give the desired shape and a little spaced out some parts. Just be careful, because if you strongly to stretch or bend one point may get a nasty bend in the texture and it will need to be removed.
Another interesting technique, it is a bit enhance color of nebula. Duplicate (Cmd/Ctrl + J) nebula layer and use different Image adjustments. Then reduce the layers Opacity to balance the color of your choice (This is not necessary if you are satisfied with the source of its color. I did not do it).
Now I made apophysis on nebula (dark areas and texture). Create a new layer (Cmd/Ctrl + Shift + N). Select foreground color from background only which is a bit darker than the color on which you choose to apply apophysis. It is very easy to do using Eyedropper Tool (I) (When you use Brush Tool (B), hold Opt/Alt to switch on it). Upload "Galactic Space Brushes Set" brushes in Photoshop and used Brush Tool (B) proceed to draw the dark details over nebula, using low Opacity (30-70%).