We present an analysis of the relativistic iron K alpha line in the Seyfert
1 galaxy NGC 3516, based on a continuous, 5 day ASCA observation. The broa
d profile which has been found in several other active galactic nuclei is c
onfirmed in NGC 3516 with unprecedented signal-to-noise ratio. Disk-line mo
dels with either a Kerr or Schwarzschild metric fit the integrated profile,
but both require emission very strongly concentrated in the inner disk. We
find tentative evidence for the line signatures of Ni K alpha and/or Fe K
beta. The continuum flux varied by similar to 50% during the observation an
d time-resolved analysis shows that the line also changes. The line core se
ems to follow the continuum, but the blue wing is unrelated and shows a gre
ater amplitude (factor similar to 2) of variability. The red wing is formal
ly consistent with a constant but appears to be correlated with the blue wi
ng. We interpret this as evidence for independent variability of the broade
st parts of the line. There also appears to be an absorption feature in the
profile, consistent with resonance scattering in infalling material. This
variable feature may be the signature of material being accreted by the cen
tral black hole.