Recent scanning tunneling microscopy (STM) experiments of Bi2Sr2CaCu2O8+δ have shown ev- idence of real-space organization of electronic states at low energies in the pseudogap state. We argue based on symmetry considerations as well as model calculations that the experimentally ob- servedmodulations are due to a density wave of d-wave Cooper-pairs without global phase coherence. We show that STM measurements can distinguish a pair-density-wave from more typical electronic modulations such as those due to charge density wave ordering or scattering from an onsite periodic potential.
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