Using the last chosen tool, try to insert two more white small circles:



Apply for the last circles’ layers the next parameter shown below: Fill 20%



Try to draw now a radial brilliance on the red toy decoration, using the Pen Tool (P) and the Convert Point Tool for inserting the necessary corrections on the drawn element. The element’s color is white.



Make three copies of the last made layer and select again the Free Transform option to turn over the copies and make them look smaller. This way we’ll try to get a star shape.



Select for the layers containing the radial brilliance the same parameter shown next: Fill 50%

 

Combine in a group all the layers composing the radial brilliance (press Ctrl button to mark out the corresponding layers and then make a click on the left mouse’s button to take the marked layers on Create a new group selection). Next we’ll make five copies of the last combined group and choose again the Free Transform option to change, if necessary, the copies’ sizes, placing them as it is demonstrated below:



Next we have to introduce on our picture the holiday congratulation inscription, keeping the demands from the next table:

 



The parameters reserved for the text’s layers: Blending Options>Drop Shadow

 



The picture is finished!

View full size here.