Here we will learn how to get realistic water reflections. This will work for any object, not just for text. Here is another example. There are many variations of this effect, for the sake of illustration we will use the text.
Start
with a gradient. Tip: To constrain the gradient to 90 degrees hold down
the shift key.
Add your
text or image
Make a
copy of the text by dragging to the new layer icon

On the copy go into free transform by pressing Ctr/Cmd+T. Mac: Option+Click>Flip Vertical. PC: Left click >Flip Vertical.
Drag the reflected copy below the original
Free Transform
again and stretch image by dragging down on the bottom middle handle.
Add a layer mask to the reflected copy and fill with a black
to white gradient
Should
look like this
Filter>Blur>Motion
Blur. Angle -90
Make a selection around the bottom part of the background layer. Image>Adjust>Levels or Ctrl/Cmd+L Adjust the sliders to lighten the surface
Free Transform again - Perspective
Select the background. Open Hue Saturation box. Colorize to add some color to the background.
Merge the reflection layer with the background by clicking on the box between the eye and the thumbnail, a link should now appear in the box. Click on layers>merged linked.
Make a selection around the bottom part of the image by using the rectangular selection tool
Filter>Distort>Ocean Ripple. Adjust settings to suit