Thanks for your responses guys.
My best guess is that I made a flesh wound somewhere in the front part of the chest cavity or neck.Based on the blood/smell of the arrow I don't think I hit the paunch.

For clarification Jennings CMX: You need abig game license to hunt a wolf, but you do not need to tag it.

I really would have liked a wolf skin. I have wolf fur around my winter jacket and it is very warm.
But let me tell you it sure is a rush tracking a wounded wolf by yourself in deep dark woods with only your bow and a sharp knife!