Wolf's moves have a touch of lag on them.
A LOT of people are fooled by the "Zero lag" Fair. To tell you guys the truth, it's not zero lag. You may have no lag upon LANDING. However, what about when you are in the air? You can't fastfall a Fair, otherwise it doesn't auto-cancel. I've actually timed the length of time in the air that Fair is, and guess what? 1/3 of a second, or about the length of an average spotdodge. So, if you hit a shield, they have about 1/3 of a second (Maybe a little less, due to shieldstun) to punish you. While you're still in the air.
Haven't you guys ever wondered why people can go so far backwards with a retreating Fair? The first thing is because Wolf has excellent horizontal mobility, and the second is that HE STAYS IN THE AIR FOR SO LONG. The real practical approach application of Fair is retreating, otherwise you're going to get punished while you're still in the air, before that zero lag part kicks in.
So yeah, Wolf's Fair can be punished if you don't retreat it. (I mean serious retreating, like, out of Fsmash range)
Nair is a similar story. Except you can fast fall it. However, it doesn't have the range like Fair does, and only the initial hit does damage =/ But yeah, if shielded, this generally will be punished, at least in-person. Because online is crap >_> The reason being, is because usually the shieldgrab input won't be registered by the time Wolf hits the ground from his Nair, in-person, the grab WILL register before Wolf hits the ground. So eh, thank you latency.
The Shine... starts fast, has invincibility frames, however the lag after it is pretty bad, if someone spotdodges this, or shields this, you're getting punished. This is why you shouldn't use the reflector offensively, because it IS a punishable move. Great move, just punishable, like every other counter.
Dtilt. A good solid move, it's range is beyond any shield grab, generally, if it hits a shield, you won't be punished, unless you do it more than once and the opponent rolls, but that's part of smart play. Dtilt is one of Wolf's good, solid, difficult to punish moves. It's just that the hitbox is low, so it doesn't work very well against a SHing opponent xD
Ftilt.... I don't really like this move, the time in between the first hit and the second hit can be shielded.
And just the last hit... it still has some cool-down time, however if it is spaced so that you only hit once, then you shouldn't be punished, but still, the damage offered by the last hit is not worth the effort it takes to space it correctly. I'd much rather a Dtilt, more damage than the last hit, faster, less punishable ^^.
Triple A combo... this is one of Wolf's fastest starting moves, the end lag is kinda bad, but you have three hits that you can switch up =) I.E. Jab jab -> Grab. Though, not much spacing required, you either hit it or you don't. o.O Overall a great move, I've been using this a lot, along with other jab combos such as Jab -> Dtilt. Jab -> Shine -> Fsmash. So this is a good solid move. Just I wish the range was more, but that's alright, I still hit with this =D
Bair. Oh man, Bair, last, but most certainly not least. This is Wolf's best move. According to some frame testing I've done, it the move starts in about 6 frames, that's pretty freakin' fast. It has rather little lag, can be fastfalled, everything. Great range, great priority. Although, with this move, SPACING IS KEY. If you do not space Bair right, it can be punished. It is recommended that you always fast-fall this, in order to remove any lag in the air. This is also helped by Wolf's fast falling speed =) Wolf's safest, fastest, longest ranged (Other than Fsmash xD ). You can fastfall this, you can space it so you only get the tip, and you can do several things after it... it's just a great move, that's why people have based playstyles after this.
That's probably why Germ seems so fast, because his playstyle is based almost entirely around Bair (ALthough recently, especially at BIO, his playstyle has diverted from Bair in the slightest) and fastfalling making use of Wolf's fastest falling speed.
A lot of Wolf's moves are punishable to a degree, however, Bair is the best of all of these. That's probably why they say Wolf is punishable. Slow due to his dashing speed... but still. He can be played fast. But not all of his moves are as unpunishable as one may think. At least in-person. Once again, online is crap for punishing people.
Just my two cents.
Edit: Holy crap, that was long O_O
Tl;dr version: Most of Wolf's move have a touch of lag on them that makes them punishable. However, Dtilt and Bair are very difficult to punish when used right. Fair has a lot of time in the air and thus is punishable when not retreated.
