Jump and use homing attack on all three buttons to stop the reels from spinning. They will stop on either missile, bomb, chaos blast, or rings.
TIP: If it stops on bomb, get a good distance from the Egg Dealer, the radius of the blast is quite big and could get you if you're close enough. Be sure to have plenty of rings as well. The more you have, the better chance you'll have at surviving.
Don't mess with tha hedgehog