CLAIM: God will destroy all Israel’s enemies, restore her prosperity, and rebuild Jerusalem. This was partially fulfilled when Israel returned to the land from Babylonian captivity under Zerubbabel (536 BC), and Nehemiah (444 BC). However, the prosperity and peace envisioned in verse 17 did not come at that time. Until the second dispersion in 70 A.D, Israel was subject to oppression by foreign powers. The majority of promises concerning Israel’s restoration in the land are dependent on a national repentance (Zech. 12:10-14). Neither the return to the land in 536 BC, nor the re-establishing of the State of Israel in 1948 fulfills this requirement.
The statements in the summary of the above seem to be valid, more or less, for there will be an ultimate regathering. However, the text of the chapter indicates only the 536BC regathering and the second temple. The four horns are the four specific powers that were oppressing the nation then.