To correct - steer toward the direction the rear is sliding. It's like drift racing - just don't overcorrect. Overcorrecting is a common mistake where you steer in the direction the rear is sliding for too long and then the vehicle's rear slides out the other direction.
If you overcorrect, the chances of you being able to steer quick enough to catch the "second oversteer" are slim.
If you overcorrect, the chances of you being able to steer quick enough to catch the "second oversteer" are slim.