The Lost Woods is an area that is only accessible before you pull the Master Sword. Until you obtain the Pendants of Courage, Wisdom, and Power, only the first screen is accessible.
In order to navigate your way to the Master Sword, you are suppose to keep an eye on the movements of a few ghosts. Fortunately, their movement patterns are not as random as they seem.
For the first set of ghosts, the single ghost that you must follow will always be located on the right side of the circle after shuffling around.
For the second set of ghosts, the two ghosts that you must follow will always be located on the north and south ends of the circle after shuffling around.
For the last set of ghosts, I can never keep track of the damn things. Fortunately, the south path is always the correct path.