  We study the Penrose limit of the (p,q) fivebranes supergravity background.
We consider the different phases of the worldvolume field theory and their
weakly coupled descriptions. In the Penrose limit we get a solvable string
theory and compute the spectrum. It corresponds to states of the
six-dimensional worldvolume theory with large energy and large U(1) charge. We
comment on the RG behavior of the gauge theory.
