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the sway bar is a pretty simple device, it's only 2 bolts connecting it and 2 rubbers in the centre. the only thing clunking would be if the rubbers had died and the bar was moving freely within the brackets. which they would have noticed i think and then your handling would be farked also.
to be honest though, it does sounds like the sway bar. more like trailing arm sections or something of the sort attached to the wheel hub itself.
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