Well, first you need to deal with his blaster. There are a few ways you can approach when hes spamming it:
I. Closing the distance
1) walk forward and shield/spotdodge each time he shoots, making your way towards him slowly.
2) shorthop/airdodge towards him, using the airdodge to avoid the blaster shots
3) fly (jump and keep jumping) towards him
4) glide towards him
5) Mach Tornado/Drill rush
Using one of these methods, you should be able to close the distance. Unfortunately, while you were making your way over to him, he has likely been planning on how to hit you once you get within his range. Keep in mind wolf's range is pretty large because of his rediculous Fsmash. So.... if you find yourself walking or shorthopping towards him, be ready for an attack when you are at Fsmash range. Usually he will stop spamming when you are in this range, as he doesnt want to get hit while hes still got his gun out.
If you used the glide or normal flying method, you might want to land closer to him. Dont land unless you do so in a less vulnerable way... for example, dont just land right in front of him and stand there. If you were gliding, you can glide attack, but be prepared for him to expect it. When using the glide attack, hit with just the tip of the sword so the shield knockback combined with your spacing will be enough to avoid his shieldgrab. Remember you can attack, dodge or shield immediately after the glide attack, so act according to what you expect him to do. If you were flying, you have lots of options. you can swipe at him with a hovering dair (dont fast fall it when youre too low or you will land by him and get punished), you can start up a mach tornado and test his shield, or youcould just land with an airdodge or spotdodge to avoid his retaliation.
As far as option number 5 goes (i know alot of people will call me stupid for saying this without reading this whole post), just because his blaster will cancel the moves, doesnt mean you cant go over/around them. you can start up a drill rush in midair, and angle it down as it gets closer to him... hitting him with the tip. This will work fairly often, as long as hes not expecting it. Mach tornado works similarly... try to start it closer to him though, since it moves more slowly and will be easier for him to see it coming.
One last thing to keep in mind when approaching wolf in the air: a good wolf will try to intercept you. He might do this with his forward b or an arial attack. The forward b has only one trajectory, so you can avoid this if he likes to use it in this situation. Just fly a littl lower, closer to his projectiles. If you are gliding, you can hit him with the glide attack when he tries an arial, and if you are flying, just be quicker and land a fair or dair on him. Nair might work here too.
II. Dealing with his smashes
Once youve closed the distance, you arent out of the woods yet. You will need to deal with his fast smashes and good tilts. Fortunately, most of his moves are fairly easy to punish if you know what to expect. If your timing is not stellar or if you dont have alot of experience fighting wolf (especially if its on wifi), you might have trouble spotdodging his smashes. Honestly, blocking most of them is not a bad option because wolf's throws arent very good. Make sure you use his tilts, because even though your dsmash is super fast, wolfs smashes are pretty quick too... you dont want to trade with him all the time. Shieldgrab the crap outta him, and set up combos with your dthrow and fthrow. His Usmash isnt that great, so you can use dairs without too much concern if you know how to time them.
III. Finishing the job
Honestly, this is where MK really shines against Wolf, and where Wolf's weaknesses really show. His return is fairly limited, and even a good Wolf player will be forced to edgesnap on his return fairly often. Make sure you time your edgehogging to just grab the ledge right when hes about to use his return. When he is close enough and at the right angle to land ON the stage rather than grab the edge, start up a tornado right before he comes back and hell fly right into it, giving you free damage and possibly setting up another attack. Gimp him if you can, and be aggressive. Any time hes off the stage, you have a good chance to kill him, no matter what his percent is... just work on your off the stage tactics.
hope that helps!