When something starts going wrong, then when you try to correct, you overcorrect and make things worse, then you try to correct it again, and again overcorrect, making things worse again, etc, until eventually failure happens.
For example, if I'm driving in the rain and I start to skid to the left, so I cut the wheel to the right, and the car starts moving back toward center (where it should be) but goes past center and starts skidding even worse to the right, so I try to correct it again and it goes past center and back to the left, and eventually I spin out or hit a tree.
Strictly speaking, I was doing the right thing (well maybe this is a bad example because there might be a better way to handle a skid but hopefully you can tell what I mean), but I did too much of the right thing and made the problem greater in magnitude but opposite in direction, which raises the potential for the next iteration of overcorrection.
Can be noun, verb, phrase, whatever.