The instinct is to stop pedalling, but the whole plot seems a lot more stable if I keep pedalling.
Even when I'm dropping like a stone and my 53/12 gearing can no longer add speed, I keep pedalling (too slowly to affect my speed) just to keep things straight and stable.
If Mr Wobble does come for a visit, the instinct is to tense up and grip the Hell out of everything.
However, the best way to send Mr Wobble on his way seems to be to relax and loosen your grip.
Why this should be, I have no idea.
Another thing I do is just squeeze the rear brake very gently. Again, I have no idea why this helps.
The worst wobble I ever had, it turned out my rear wheel was just a touch out of alignment and I hadn't noticed. I was very cross with the person who tightened it up like that and I gave him a very stern look in the mirror when I got home.