ubound - 5:30 pm on Jul 16, 2013 (gmt 0)
I started seeing positive changes on Saturday but I can also see that serps aren't stable yet. They kept changing since Saturday - mostly in my favor.
My traffic is still up, hopefully to stay but I now expect anything from Google. There was this little spammy site that started to rank over mine months ago and it disappeared on Saturday-Sunday but today it's back and ranking high above mine and above other better quality sites.
When I was initially hit on June 29 2012, I assumed it was because of one technical mistake I did so I filled reconsideration request via GWT and received an answer that there was no penalty associated with my domain. So I am not sure that it's some kind of penalty or an algo change.