So, what can I do at this time?

Are you relying on small EMD sites to live? Bad idea, but you've still got 4 months, that's a long time and I'm sure you can get back on track before then even if all your websites are gone.

I'm still testing things out, but more quality and relevant content can't hurt, and have a better look at internal structuring i.e. where links point to within your site. Are all your sites still indexed?

These are EMDs but they are big with more than 400 of REAL edu and gov links. One PR6 (many PR5&6 inner pages; started 2005) and PR5 website(started 2007). They are still indexed and still have some rankings but lost main keyword rankings. They are both overly optimized for targeted keywords but survived the both panda and penguin.

Its important to diversify now into lots of different types of sites...thick, thin, portal sites, shopping sites, price comparison sites, etc. Spread out as much as possible...that's the only advice I can give...

First of all don't be disappointed. Just keep it mind that you are not the only one who is suffering because of penguin. Why not do something extra. Try to apply your all knowledge regarding SEO. Bring some quality change where it need to be changed.

If you will be running out of money in 4 months I would seriously suggest trying for a job outside of IM / SEO. Is this what you really want to do judging by the pitfalls you have already seen? Can you not get a job doing something else? Earn a steady wage?

I'd spend 4 months applying for other jobs - get something that will guarantee some income even if you don't like having to do it.

You can do this stuff on the side - out of hours. You will find that you're not so desperate about it all the time. You can take hits and move on. Get out of this cycle of stress, depression and lack of sleep. It isn't doing you any good. This forum will still be here and the world of IM will still be there. You need to attack it from a position of relative comfort.

I know it's not easy to find a job, especially more so in many places in the world, but honestly, there are easier ways to earn a steady wage, even if you hate doing it, so that you can focus on what you really want to do without it killing you with stress and depression.

I would work my ass off until IM gives you a good DIVERSIFIED income. Until then, it's very risky. Don't allow one algo change to kill you. Currently I am combining freelance work (web dev) with IM - my aim is not only to reach a full-time figure with IM but rather something solid that is a real business I can build on. No point relying on something like EMDs or MNS and then crapping myself when things go wrong.

Regardless, things are never secure! At least you have 4 months! That's more time than a lot of other people - don't be immobilised by fear and worry. Act while you have a good amount of time left.

Make changes in On page by analyzing the site that are ranking well.

Just list out what are all the things you have done after Update to get your ranking back. I am awaiting to help you.. I am recovering from Penguin Update.. It is not that easy really.

I've NEVER recovered a site.

I'm now rethinking my strategy. I've started a membership site. What I'm also doing is junking my WP blog/ClickBank product (sorry affiliates!!!) and turning it into a 100% free forum. Google is loving forums right now. If you can find a niche where there aren't already too many forums then you could have a chance. On the downside, forums won't make you $$$$ overnight, they take years to establish.

4 days is not enough. Usually it takes 30 days plus to recover. But this is from my experience.