I restarted both 4 times...still nothing.Mine was doing the same thing. A restart of the watch and phone did the trick and I then was able to update.
Mine keeps saying that my OS 3.2.3 is up to date.
Mine is on iOS 11I had to update to iOS 11 before the os 4 update would pop
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That's great! Mine is still not working.Finally appeared for me after restarting both. Now it’s say 16 hours to download. Sigh. Progress I guess.