The competition among reaction processes of a weakly-bound projectile at intermediate times of a slow collision has been unraveled. This has been done using a two-center molecular continuum within a semiclassical, time-dependent coupled-channel reaction model.Dynamical probabilities of elastic scattering, transfer and breakup agree with those derived from the direct integration of the time-dependent Schrödinger equation, demonstrating the usefulness of a two-center molecular continuum for gaining insights into the reaction dynamics of exotic nuclei.