  We report atomic scale characterization of the pseudogap state in a
high-T$_c$ superconductor, Bi$_2$Sr$_2$CaCu$_2$O$_{8+\delta}$. The electronic
states at low energies within the pseudogap exhibit spatial modulations having
an energy-independent incommensurate periodicity. These patterns, which are
oriented along the copper-oxygen bond directions, appear to be a consequence of
an electronic ordering phenomenon--the observation of which correlates with the
pseudogap in the density of electronic states. Our results provide a stringent
test for various ordering scenarios in the cuprates, which have been central in
the debate on the nature of the pseudogap and the complex electronic phase
diagram of these compounds.
