You should not expect to return to the position you had before the Penguin fine. Because some of the links you removed probably contributed a lot to your ranking. And after removing them, your rank will decrease slightly. Also, you may have put some quality links in the disavow file that would improve your ranking.
Finding backlinks
If you think you have been penalized by the Penguin Norfolk Island Email List algorithm and your rank has dropped, you should check your site's incoming links. Then put the links that are of low quality or are spam in the disavow file. The Links section of the search console contains a list of internal links and backlinks. This list also includes links that are nofollow. Nofollow links will have no effect on your site.
You can also use Moz's Ahref tool to check backlinks. These two tools show you the links you have received from other sites. Checking backlinks is very important. Because you may be attacked by negative SEO . It means that your competitor buys a number of illegal and spam links for your site. These links can seriously damage your site's ranking and SEO !
Sometimes after removing malicious backlinks, your ranking still hasn't improved. This happens for several reasons.
If your traffic doesn't increase, it might be because you were using malicious backlinks. As a result, traffic reduction is a natural thing.