Unfortunately long hold times are pretty standard for airline call centers. Continental does make the option available to cancel and refund a ticket purchased within 24 hours on their website. Did you purchase the ticket directly through Continental or was it purchased through a third party? If purchased with Continental you just needed to go to the website, view the reservation using the confirmation, and then click on the cancel/refund option. Unfortunately you waited too long and the window of opportunity to cancel the non-refundable ticket within 24 hours for a full refund lapsed. You can use the value of the ticket towards another for one year.
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