Gary Illyes from Google said tonight that those who were suffering from previous Penguin penalties should now begin seeing recoveries. He said this on Twitter:
This is one part of the Penguin update we saw happen this Friday — but this “recovery” part only started happening hours ago, according to Gary Illyes.
You should also keep in mind that even if you do recovery, you won’t bounce back to where you were pre-Penguin penalty. Remember, as we covered earlier today, Penguin 4 devalues link spam now, so those links that once gave you such great rankings now do not count. However, while those spammy links do not count, they also don’t give your site an extra demotion on top of not counting. They simply are devalued; they don’t count for good or for bad.
The Penguin recovery rollout is happening now and can take a few days to fully roll out.