Jez123 - 10:06 am on Aug 19, 2013 (gmt 0) [edited by: Robert_Charlton at 11:48 am (utc) on Aug 19, 2013]
I'm quoting this from Bones in the "Did the Disavow tool work for you" thread. I think it's about right.
If I understand the way it works correctly, there will be no recovery stories yet, as far as Penguin 2 goes at least as the algo hasn't been re-run.
1. Remove as many links as possible, disavow remaining links.
2. Wait for those pages to be re-crawled.
3. Possibly see a further drop in rankings as links are taken out of the 'link graph'.
4. Wait for the Penguin algo to be re-run.
5. Penalty lifted/not lifted if site is deemed to have a clean enough profile.
6. Even if lifted, site probably won't recover to previous rankings as no longer benefitting from removed/disavowed links.
[edit reason] fixed link [/edit]
[edited by: Robert_Charlton at 11:48 am (utc) on Aug 19, 2013]