We know that panda mainly targets sites with a lot of pages and I am seeing that as well. Some of my theories may have been mentioned elsewhere but some of them have not. This is what I have seen from my own experiences. Of 9 clients I have worked with, 4 of them have made some sort of recovery. There were 11 test subjects but it turns out that 2 I did not feel were effected by panda, but a regular google penalty.
Google’s Panda – The Main Factors
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