I think that intuition is most important; you don't have time to think about it much, and having that sense of the mechanics involved is a good sign
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My instructor in a car control course discreetly pulled the handbrake during a throttle-modulated skidpad (going around an oval shape without changing the steering angle, just using throttle to cause oversteer and understeer), which was the most crazy feeling ever as we immediately started to spin, but I was able to catch it because of that instinctive reaction.
The right action in my understanding is to counter-steer, e.g. start unwinding the wheel from the direction you are trying to turn in, to "catch" the rear. The idea is to reduce the lateral force that the rear tires are being demanded to hold, allowing them to fall back from kinetic to static friction. Once the rear is planted again, you can immediately resume the required turn (being mindful of suspension loading, which can cause an over-correction and spin in the other direction if you're hasty).