Scholarly research does not begin ex nihilo, but exists as part of a conversation with earlier scholarship. The way to find a good research topic is:
1) Find some gerneral theme or aspect of The Wasteland that interests you
2) Look at the past 10 years of the MLA International Bibliography to find existing scholarship on that theme
3) Find either (a) some gap in the scholarship or (b) some point about which you think existing scholarship is wrong.
As there is substantial existing scholarship, you need to choose a very narrow area, in order tomake a solid contribution.
If you wanted to do a new historicist approach, for example, you could look at actual fortune tellers in Edwardian England or the role of chess in the intellectual life of the period. A feminist approach might look at the fortune teller as female empowerment or chess as an area from which women were excluded, etc.