According to the contrarians, if a large number of investment advisory services are bullish, it implies:
I. the market is reaching a peak.
II. the onset of a market decline.
III. the beginning of a bull market.
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A. B. C. D.A
Contrarians believe that most market participants make wrong investment decisions as the market approaches the peak or trough in a cycle. Therefore, if a large number of advisory services are bullish, they believe that the market is about to turn bearish after having reached a peak.