An analysis of nonlinear transverse shear wave has been carried out on non-Newtonian viscoelastic liquid using generalized hydrodynamic(GH) model. The nonlinear viscoelastic behavior is introduced through velocity shear dependence of viscosity coefficient by well known Carreau -Bird model. The dynamical feature of this shear wave leads to the celebrated Fermi-Pasta-Ulam (FPU) problem. Numerical solution has been obtained which shows that initial periodic solutions reoccur after passing through several patterns of periodic waves. A possible explanation for this periodic solution is given by constructing modified Korteweg de Vries (mKdV) equation. This model has application from laboratory to astrophysical plasmas as well as biological systems.