It doesn't really feel like one, though. Like Indy 1/2, the Dollar movies feel like different movies that just happen to have the same iconic character.
In fact, are they even in the same continuity? If I remember right, Lee Van Cleef plays 2 different characters in "good, bad, ugly" and in "for a few dollars more"
But overall, it's difficult to pull a continuity on iconic characters like The Man With No Name, Indy or Bond, since, by definition, they stay true to their "icon" and don't really change.
I'm willing to bet that if we see Elan defeating Tarquin, it will take exactly one single box ^^ (possibly with Tarquin tied up and outraged)