Ribbons Bows

What are those pink and yellow flags they wave around after a matador gets gored? What does it do?

I was watching a video where a matador got gored. After it happened, people rushed to him, and some were waving these pink and yellow flags. Does it confuse the bull or something?

I asked my mom and she said that there so the bull doesn't keep on attacking him.
I might be wrong though

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