Not yet reviewed by Pith; the record is open.

The hole-doped cuprate high temperature superconductors enter the pseudogap regime as their superconducting critical temperature, $T_c$, falls with decreasing hole density. Experiments have probed this regime for over two decades, but we argue that decisive new information has emerged from recent X-ray scattering experiments (arXiv:1207.0915, arXiv:1206.4333, arXiv:1207.3667). The experiments observe incommensurate charge density wave fluctuations whose strength rises gradually over a wide temperature range above $T_c$, but then decreases as the temperature is lowered below $T_c$. We propose a theory in which the superconducting and charge-density wave orders exhibit angular fluctuations in a 6-dimensional space. The theory provides a natural quantitative fit to the X-ray data, and can be a basis for understanding other characteristics of the pseudogap.