Above is my interpretation of the fields created. The pink bars represent Eddy Currents being created inside a non magnetic conductor.
If the eddy currents create an opposing or repelling field, it would then be impossible for the field from the moving magnet to continue penetrating into the conductor, therefore the lift (or braking) would cease. The eddy currents are said to create a field which always opposes the field which creates it. Sometimes the fields are referred to as a mirror image of the permanent magnet. As shown above, where the magnet is moving across the page, the eddy currents must make both polarities, that is, an opposing field above the conductor and the opposite polarity below the conductor.
If a Hall Effect sensors are placed under the conductor, they should show a south pole (blue mirror image or virtual magnet), and then a north pole as the permanent magnet moves across the conductor.
My tests with actual magnets, conductors and sensors show that the permanent magnet's polarity and field strength where it penetrates under the conductor does not change, whether the magnet is moving or stationary.
There may be much more to this suspension or levitation than what is commonly believed.