I don't have repair for defective timer.
The wheel at top is probably the issue. Move the wheel with your thumb and experiment with the timer.
As a general rule, the timer will not bite you.
Open following link for analog timer instructions:
http://waterheatertimer.org/How-to-set-timers.html
My files show that 49550 is analog timer with trippers that install on timer dial.
http://waterheatertimer.org/Woods-timers-and-manuals.html#49528
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