1. Open up your image and type your text.

2. Duplicate your text layer, and go to Layer > Transform > Flip Vertically

3. Press m to get into your move tool, and, using the arrow keys on your keyboard, press down until you move your text where you want it to be (Using the arrow keys is more accurate then grabbing and dragging)

4. Make your foreground color your text color, and your background color white. Select your gradient tool, and make sure your gradient settings are fFG to BG (RGB), and reverse is not checked. Make sure you're on the reflected text layer, and check the box next to the layer mode drop-down menu. (Keep transparency). Drag your gradient tool across the text from the top down (So the white ends up closest to the bottom) Set the layer mode to "multiply"
I added a background, since multiply on a white background does nothing for this.

Other examples:

In some cases, the gradient you made won't fit with the background, and will turn black and white, but I think that's only when the colors are near opposites on the color wheel.

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