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A picosecond time-resolved four-wave mixing technique is used to study the dephasing of nonlinear optical resonances in CdSe. At low temperature strong coherent, nonlinear signals at the free exciton resonance, at the biexciton resonance, and at the exciton-biexciton transition are observed. The observed correlation traces, i.e. the diffracted intensity versus the delay between the interfering light pulses, yield information on the dephasing process. Dephasing times for excitons as long as 40 ps, decreasing with increasing excitation density and temperature, are observed. A two-level model is applied to describe theoretically the dynamical behavior of the resonances, and to extract their homogeneous broadening, as well as their inhomogeneous broadening.