All the balloons’ layers should have the next demonstrated layer’s parameters:
Blending Options>Inner Glow

 



Take again the Ellipse Tool (U) to represent the highlight on the balloon.



The layer’s parameters: Fill 0%
Blending Options>Gradient Overlay



Gradient’s parameters:

 



Make eight copies of the last represented layer and choose Free Transform option to change the copies’ sizes, depending on the balloons the highlights are reserved for:



Select now the Pen Tool (P) and try to add the tail for the balloon. This layer should be placed lower than the balloon’s layer on the layers’ panel. The color selected in this case is #990D10



Make three copies of the layer containing the balloon’s tail, but select different colors for the new copies. The Free Transform option is helpful in changing the copies’ sizes and their placement. Place the tails’ layers reserved for the balloons lower than the layers of the balloons themselves (on the layers’ panel).



Select the next parameters for each layer belonging to the tails. Blending Options>Gradient Overlay (for #990D10)



Gradient’s parameters:



Blending Options>Gradient Overlay (for #EF8124)