Give it a few days and see how the SERPs settle.Its probably Google doing a shuffle as I have seen extremely legitimate white-hat sites with almost zero links get hit really hard.
Its strange because all of my newer domains (less than 3 months) were not hit while the older ones were. Some have recovered while others have not. Whats worse, some super spammy websites have not budged at all! And some top ranked sites now have 5 backlinks or they are super spammy.
So just sit tight a week, and see what happens. Hope for the best.