Since yesterday I notice sites (more than a few) that were slapped between 10 and 20 October (rankings fall 200+) are now completely regaining their rankings...So, did Penguin devalued certain links (and thus slapped all these sites) and now it’s backtracking (or whatever it’s called) and as such releasing all these sites.
5 Dec 2014- Google Penguin Update
Today Morning , there are so many fluctuations and changes to Penguin hit sites. Google has NOT confirmed any of this, I didn't reach out to them to confirm.
Google started to reverse Penguin penalties ( Google doesn't call them penalties). This was a good thing and Google actually confirmed this was part of the Penguin 3.0 roll out. Then on Thursday, those gains were rolled back for many. When John Mueller of Google was asked about it, he didn't seem to know what was going on.
Now this morning, the reversals seem to have been reversed and now sites hit are Penguin free, or at least some.
Here are some quotes from those discussions: