My question to you is, how can you be sure you've correctly identified the problem and taken the correct measures to fix the site?
My point is, how can you expect a recovery, if you don't even know what the problem is? I think you are asking the wrong question!
I optimized the ON PAGE elements of the website. Done some backlinks. submittted the site to PR3 and above directories, Submitted unique articles twice a week. social bookmarking with PR3 and above rankings. Everything that is needed to do. But, Still no effects.
According to a new report, Google is expected to begin penalizing sites that overly use SEO (search engine optimization) techniques, pushing them behind sites that have more solid content.
The problem was the website got attacked last year. The attacker made a 30,000 links to us. Which I already Reported to Google Webmaster and Sent a disavow file to their disavow tool. The Links have already been removed. Yet, nothing happend to our rankings.
I have not personally experience it, but my teacher used to say it can take 2-3 months to get yourself back from panelty.