Vervedia Technologies
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From the Blog:

I have seen many people confused about the use of disavow tool, if you have received penalty under Penguin update for your website, which can me automated penalty, then you have to wait for next Penguin update because until then the system won't understand about your rectification. If you have received manual penalty, then it is much easier for your website to regain your website ranking as you need not to wait for next update as it can be reviwed manually before. It has been seen that result has not improved after removing bad links and next Penguin update as well because your request for reconsideration may take several week and Penguin update came before that, so again you need to wait for next update.

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