How to make circle reflections of an object that's picture was taken from a high angle?

[Itay5D64]

Hi, I have this picture of a part of a project I am working on and I'm trying to make a reflection to it, however I'm struggling a lot with it and cant find a solution..

What I'm trying to achieve is making a circular reflection of the object so it'd look realistic.

That's the picture I'm working on:

[Myra Ferguson]

After removing the background, duplicating the basket, and flipping the duplicate, you could use Warp (Edit > Transform > Warp) to modify the shape of the reflection.

[c.pfaffenbichler]

Especially on the edges Warp may nor be enough and using Liquify might become necessary. 

Smart Filters are your »friend«, don’t perform such operations (both the Warp and the Filter) destructively on full color content unless you want to ensure an unnecessarily degraded result. 

[Chuck Uebele]

Frankly, to get a realistic reflection, I would shoot the photo on a reflective surface, like white or black acrylic. But you can do it as mentioned above, but since the camera angle is so high, it will look odd, as the vantage point in the reflection will be off

 It should look like you shot tje product from a low angle, well below the product.

[JJMack]

Make a Smart Object shadow layer that you can blend in to your image. You can transform, warp, flip, filter, mask the shadow  over and over again till you get something you can live with.