The optical phase of four-wave-mixing (FWM) signals from a ZnSe single quan
tum well is analyzed experimentally and theoretically. The focus is on exci
tation conditions where the polarization state of the emitted light is dyna
mically changing rather than being fixed by selection rules, a case known t
o be sensitive to high-order Coulomb correlations. The phase is measured us
ing an iterative procedure taking as input FWM signals with real-time resol
ution as well as frequency regime data. The results are compared with a mic
roscopical density-matrix description using the dynamics controlled truncat
ion (DCT) scheme. Mean-field Coulomb interactions, Pauli blocking and trans
itions to biexcitons and the two-pair scattering continuum are accounted fo
r. Calculations in the coherent limit are able to reproduce the measured ph
ases. The correlated two-pair scattering continuum is shown to have a signi
ficant impact on the phase.