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



Gradient’s parameters:

 



Make a copy of the last made layer and select Free Transform option to turn the copy over and then insert the parameter indicated next: Blending Options>Drop Shadow

 



Now we have to make a copy of the both bow’s halves on the left side, using again Free Transform (Flip Horizontal) selection.



The Pen Tool (P) will be helpful again in representing the last bow’s layer:



The layer’s parameters: Fill 0%
Blending Options>Drop Shadow



The parameter Blending Options>Gradient Overlay is the same with the previous bow’s layers:

 

Merge Down on this stage all the bow’s layers into a single one (CTRL+E). Make as many copies of the last layer as the number of the blanks in the letters is. Free Transform option should be used for changing the sizes of the bow’s copies if necessary. Place them the same way indicated below. We may hide or even move off the layer containing the text we have written at the beginning of our work and above we have made the entire composition.



The final result!

View full size here.