re: Downside Protection on Pullback

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most don't like to acknowledge potential downturns

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this is simply not true.

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but I think it's prudent to have a plan.

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of course. But the plan does not need to be reactionary, because that makes you more likely to panic and act on emotion. The plan needs to factor in potential downturns at any time. Be it rebalancing (this includes taking profits) , trimming overweight positions etc.
Not when you feel like it, because history says you're likely to be wrong as you'd have to time entry and exit.

There was a poster here that had an interesting strategy, Iowa Golfer, I believe. Can't remember the specifics, but the gist was to buy puts and just view the premium as insurance for his holdings. "people insure everything else, why not their portfolios" was his MO.