Wednesday went down 1-0 to Wolves as the only thing missing from a commanding performance was a goal.
And it was a former Owl who did the damage, Leon Clarke scoring with his first touch having come off the bench with six minutes to go.
For Wednesday it was a tale of what might have been as Stevie May went close more than once and also had a penalty claim turned down.
Overall, the hosts were in the driving seat and could feel hard done by with their first loss in five games.
The Owls were looking to end a 50-year hoodoo with Wolves having failed to beat the Midlanders in no less than the last 15 meetings at Hillsborough.
And they were almost off to a flier when May pounced on a weak backpass and rounded Carl Ikeme but his attempt to slot home was thwarted by Danny Batth.
Ex-Owl Batth was making his first return to S6 since Wednesday’s promotion of 2012 and found himself on the back foot again midway through the first half as Royston Drenthe unleashed a thunderous volley that whistled over the crossbar.
Drenthe then swung a dangerous corner into the mix that Glenn Loovens glanced past the post before the former Real Madrid man sent May scampering through again but Ikeme was out to divert the danger.
For all their dominance, the Owls could not capitalise and nearly paid two minutes from the break when Graham hit wide with the goal at his mercy.
Moments later, May had another chance at the other end but he too drilled wide and it seemed only a matter of time before the deadlock was broken.
And that should have happened a minute into the second half when Rajiv Van La Parra missed a simple chance after Keiren Westwood saved well from Kevin McDonald.
Westwood raced off his line to deny La Parra and the same player did have the ball in the net on the hour only for the strike to be ruled out by an offside flag.
The Owls introduced Caolan Lavery from the bench but it was May at the centre of action on 71 minutes, tangling in the area with Dominic Iorfa, but the referee waved away the penalty appeals.
An open contest drew to a close with both sides seeking a winner, which the home side almost achieved twice inside the last ten minutes – before Wolves went one better.
First, a clever three-man move ended with Kieran Lee flicking narrowly wide, then Drenthe was inches from the target with a bullet drive from distance.
But the Molineux men had the final word six minutes from time when Clarke converted from close range after finding room at the back post from McDonald’s cross.
Owls: Westwood, Palmer, Loovens, Lees, Helan, Maguire, Lee (Dielna 90), McGugan, Drenthe, Nuhiu (Lavery 62), May
Wolves: Ikeme, Edwards, Stearman, Batth, Henry (Price 88), Sako (Rowe 90), McDonald, Graham (Clarke 84), La Parra, Hause, Iorfa