I don't view it as prolonged contact, no. Prolonged contact to me, and it looks like this other referee, means the ball came to rest at some point (or in USAV terms, "caught"). If the ball stopped moving completely prior to moving up the arm, shoulder, what have you, then I'd whistle it for it being a caught ball (USAV/NCAA) or a prolonged contact ball (NFHS/NCAA).
Otherwise, if it's still in motion throughout, play on.
Disclaimer: doesn't mean you won't get complaints from the opposing coaches.
