Two years of consolidation?

I was looking at the S&P CNX Nifty statistics today in terms of P/E, P/B, and Dividend Yield as well as Nifty levels. Here are the data for last two years:

Date	Nify	P/E	P/B	Dividend Yield
26 June 2007	4285.7	20.6	5.4	1.11
26 June 2008	4315.85	16.66	3.86	1.4
26 June 2009	4375.5	20.08	3.63	1.14

Can this be called consolidation with the Nifty range varying between 6357.1 (8 Jan 2008) and 2252.75 (27 October 2008)?