Andy Keogh's second goal salvaged a point at the death and denied a Rangers outfit who had led three times.

Akos Buzsaky fired Rangers ahead on 27 minutes but Keogh levelled with his first goal on the stroke of half-time. Dexter Blackstock and Sylvan Ebanks-Blake converted penalties before Mikele Leigertwood fired Rangers 3-2 ahead only for Keogh to haul Wolves level for a third time.

"That might well turn out to be the most valuable point we have got all season," said McCarthy afterwards.

"I don't remember when we have played as well as that. That's as good as we have been. We had our chances and we certainly deserved to get level."

McCarthy stressed the penalty that gave Rangers a 2-1 lead should not have been awarded and neither should the one that levelled the scores at 2-2.

"Our penalty should never have been given but it levelled things off," said McCarthy. "They got a very good third goal but we kept on fighting and my players showed great character to make it 3-3."

Rangers manager Luigi De Canio said: "It's a bit sour to come away from Molineux having scored three goals and not won the match.

"Two of the Wolves goals were in injury time at the end of each half and that's something I am not too happy about. I don't know where the referee got those extra minutes at the end of the match.

"We had some good chances but we wasted them. We know we can play good football and we can play much better than that."

Both teams went into the game in good form, each boasting a record of just one defeat in their last seven league games.