17. A bar magnet is held vertically above a circular conducting loop lying in the horizontal plane, as shown in the figure. The south pole of the magnet faces the loop. The magnet is then released and allowed to fall freely toward the loop. As viewed from above, which statement correctly describes the direction of the induced current in the loop?

(A) It is always counterclockwise.
(B) It is always clockwise.
(C) It is counterclockwise as the magnet falls toward the loop, and then clockwise after it has passed through the loop.
(D) It is clockwise as the magnet falls toward the loop, and then counterclockwise after it has passed through the loop.
(E) There is no induced current.