Understanding Zechariah's prophecy in Luke 1 as a Protestant, Evangelical Dispensationalist believer

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The dispensational Moody Bible Commentary seems to address both of your questions at a high level. On this passage, it reads:

With his restored powers of speech, and being filled with the Holy Spirit [...], Zacharias immediately turned to praising God. This song—a work of poetry—was intended to be the answer to the people's question in 1:66—What will this child turn out to be? The song, drawn mostly from quotations and allusions of the OT (e.g., 1:68 with 1Kg 1:48; Ps 41:13; 72:18; 1:69 with 1Sm 2:1, 10; Ps 18:2; 89:17; 1:71 with Ps 106:10; 1:73 with Gn 22:16; 1:78 with Mal 4:2; 1:79 with Is 9:2), is called the Benedictus (after the first word of Lk 1:68 in the Latin version). In one long sentence (1:68–75) Zacharias praised God for His work of fulfilling His covenant promises to David (1:69) and to Abraham (1:73). This work of "covenant fulfillment" was to be accomplished by the One whom John would one day announce and introduce to the world—this child (you, child 1:76). In the rest of the song (1:77–79) Zacharias highlighted the ministry of the coming One in terms of salvation, forgiveness, mercy, guidance, and peace. [emphasis in original]

So we see that Moody does indicate that Zacharias understands the idea of spiritual salvation that "was to be accomplished by the One whom John would one day announce," particularly on the basis of verses 76–79, and it links the Benedictus to many OT passages. Most of these are allusions and not necessarily prophecies, but perhaps 1 Samuel 2:10 and especially Isaiah 9:2 would be understood as Messianic prophecies. And Moody sees Zacharias's prophecy being fulfilled in general terms through the ministry of Jesus, "in terms of salvation, forgiveness, mercy, guidance, and peace."

Dispensationalist theologian Thomas Constable goes into more detail in his commentary on Luke. He connects the "horn of salvation" of 1:69 with Ps 18:2, and argues that Zechariah is speaking of Jesus, knowing that the birth of Jesus was imminent because of Mary's visit. He also believes that the reference to "Lord" in 1:76 is primarily a reference to the Messiah (not simply God). And he finds a reference to Numbers 24:17 ("a star shall come out of Jacob") in the phrase "sunrise shall visit us" of 1:78, and he too connects 1:79 with Isaiah 9:2.

Like Moody, Constable doesn't connect specific events in Jesus' ministry to the prophecy of Zechariah, but clearly sees a connection between the prophecy and the Messiah's salvation (both political and spiritual) and the fulfillment of the covenant promises.

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