Plain English Meaning
Pushing or pulling too hard when fixing a small error, so the aircraft overshoots and you end up with a new error going the other way.
Full Definition
Applying more control input than is needed to correct a deviation, causing the aircraft to swing past the desired condition and create a new deviation in the opposite direction. In instrument flying, it commonly refers to making excessive pitch, bank, or power changes in response to instrument indications, especially when chasing a lagging instrument like the vertical speed indicator (VSI).
Context Anchor
Seen during instrument flying when using the vertical speed indicator to hold level flight, climb, or descend at a chosen rate.