Wolves conceded a last-minute goal as they were beaten by Charlton in a defeat which drops them back into the Championship's bottom three.
Karl Henry's long-range shot for the visitors hit the woodwork before Dorian Dervite poked in Charlton's opener after a goal-line scramble.
Wolves equalised when Kevin Doyle headed in a Jack Robinson cross.
Charlton's late surge
Charlton have earned 14 points from the last 18 available.
But Charlton snatched a winner when Danny Green's deflected strike fell to Jonathan Obika, who hit the winner.
The defeat left a stunned Wolves third from bottom, with Peterborough - who also lost - a place above them, by way of a better goal difference.
Dean Saunders' side now face Burnley at home and Brighton away as Wolves try to avoid a second successive relegation.
Charlton are five points adrift of the top six with two games left, their strong finish to the campaign having apparently come too late to get into the play-off zone.
The home side had the first chance of the match when a drilled Ricardo Fuller shot was parried away by visiting keeper Dorus De Vries.
However, Wolves were proving determined opponents and went close through Henry, whose effort from distance hit the crossbar before keeper Ben Hamer managed to prevent the ball crossing the line.
Charlton eventually took the lead on 63 minutes when Green's corner was not cleared and Dervite got the decisive touch to score.
Doyle took just three minutes to level, setting up an exciting finale, won in dramatic style by Obika.
Charlton manager Chris Powell:
"On the balance of chances we deserved to win. They had two, the Karl Henry shot and the goal but, apart from a few crosses, our keeper has not and a lot to do.
"We had the better of the chances. These lads never give up and they dug in again.
"It is tantalisingly close, but it is only a very slim chance. We will still go for it."
Wolves manager Dean Saunders:
"Football is cruel isn't it? Both their goals are scrambled. It was not our day.
"All is not lost. Other results have kept us in it. All that bad luck can be reversed. The players can do it.
"We have dug results out before. This was a kick in the teeth and is hard to swallow, but it is football. You have to pick yourselves up off the floor."
Charlton Athletic 01 Hamer 05 Morrison 16 Wiggins 20 Solly 44 Dervite 02 Hughes (Gower - 12' ) 04 Jackson (Green - 61' ) 14 Pritchard 32 Harriotts 18 Kermorgant 19 Fuller (Obika - 81' ) Substitutes 27 Button 06 Taylor 07 Green 21 Gower 23 Wilson 12 Kerkar 26 Obika Wolverhampton Wanderers 31 De Vries 11 Ward (Batth - 90' ) 14 Johnson 20 Robinson 21 Gorkss Booked 30 Doherty Booked 08 Henry 12 Hunt Booked (Hammill - 86' ) 28 Doumbia 15 Sigurdarson Booked 29 Doyle Substitutes 36 McCarey 25 Batth 32 Foley 19 Hammill 23 Dicko 35 Cassidy 49 McAlinden