Reassembling Shimano FH-M150 rear hub
Nice picture. But you installed the dust cover (the silver ring) upside down. They way it works is that the bearings sit underneath it (but do not make contact) and are protected from all sorts of insults and wear. It keeps the grease in, and the bearings in place while servicing it.

The way it is now it will not allow for the race to be adjusted against the bearings. It's got to come out.

In the future, buy a small magnetic pick tool from a parts store. It makes digging out the bearings much easier and you won't be tempted to take it out. It's kind of a pain to get in there just right.

Good luck!