Step 1.
Create a New Image and set the size in width and height (File > New Image).
Because I will import a photo that I am going to use as the reflection, I set the image size to double the size in height.

Step 2.
Import (File > Import), the photo of the bicycle and name the object "New Bike". Copy the object and create a new object (Ctrl+C & Ctrl+V) and name it "New Bike 2nd".

Step 3.
Flip the New Bike 2nd object via Object > Flip > Vertically. Drag and place the New Bike 2nd object below the original New Bike object and align them vertically on the canvas.

Step 4.
Select the bottom object, go to the Menu bar and choose Effects > Distort > Ripple. This will open up the Ripple dialog. Choose a low value for the ripple effect. In my example I choose the following values:
- Primary Wave
- Period 15
- Amplitude 2
- Angle 15  
Click OK.

Step 5.
Choose the Rectangle Mask tool and apply a mask selection around the bottom object.

Step 6.
Go to the Menu bar again and choose Effects > Blur > Gaussian blur. Choose a blur effect you prefer. I suggest adding only a touch of blur. Not too much. Less is really more.

Step 7.
Double check the object placements so they are correctly matched ‒ you may have to go back and forth as you move forward and effects are added. Choose a Tone Curve Lens Object to darken the image just a bit (Object > Create > New Lens > Tone Curve).  To darken the lower object, just drag down the curve slightly.

Step 8.
In the Object Manager Docker now add a Greyscale Lens Object (Object > Create > New Lens > Grayscale). I dragged the Red slider to the left and Green slider to the right.  Click OK.

Step 9.
Finally, I added an Unsharp Mask Lens Object and Contrast Enhancement Lens Object (Object > Create > New Lens > ...). This black & white conversion reminds me of photos from the 70´s.

Step 10.
Finish off by using the Crop tool to remove unwanted areas.

Tip provided by Stefan Lindblad, CorelDRAW Master, Illustrator, Graphic Designer & Artist.