Leyton Orient manager Russell Slade was full of praise for on-loan goalkeeper Eldin Jakupovic after his side collected another three points towards their quest for automatic promotion.
Orient had started the day at the top of League One but the visitors dictated play for much of the game despite falling a goal behind when David Mooney notched his 16th league goal of the season.
Substitute Marcus Bean struck the deserved equaliser when he headed home from close range with 10 minutes remaining but, three minutes later, Moses Odubajo restored the home side's lead after collecting a pass from Shaun Batt.
It proved enough to collect all three points but the O's surrendered their lead at the summit as Wolves took over on goal difference.
Slade said: "For the neutral it was a cracking second half and fair play to Colchester because they massively played their part. Eldin had to make some wonderful saves in the second half to keep us in the game.
"I thought we were a threat on the counter-attack and, as it happens, we scored a wonderful goal which won the football match.
"Moses has done brilliantly well to score after Shaun Batt has poked the ball through to him and Mo's used that pace he's got and put the ball into the bottom corner.
"I have to say I thought we were worth our one-nil lead at half-time but in the second half Colchester put us under pressure for 20 to 25 minutes and they were trying to get the ball into the box and making life difficult for us.
"Perhaps we needed to show a little more composure on the turnover of the ball because if we did then there were lots of areas for us to hit on the counter-attack.
"But we keep going. We've got two away games now and we need to take that attitude and the quality we have in the final third, being ruthless, on the road with us. "
Colchester boss Joe Dunne was understandably bemused at the result after his side had proved more than a match for the automatic promotion chasers.
"I would think that anyone who was here would have witnessed a game where the better team lost," he said.
"I thought we at least deserved a draw. We did all the attacking, probably had more shots on goal and made their 'keeper work whereas our 'keeper hasn't really had to work.
"Two switch-off moments have cost us but unfortunately I suppose that's what you get when you are top of the league and that's what happens when you are towards the bottom of the league.
"But overall I'm very pleased with our performances of late and things have got to turn. You can't keep playing the way we are at the moment and not keep picking up points. I thought we were excellent here, we've played like that many times before but I'm very pleased with the performance.
"They've got their winner although we managed to get three or four players behind the ball, but there's a ricochet and it's gone through someone's legs out to Odubajo.
"But we'll keep going, everyone did their job and when a team does that you've got to give them praise. We have to keep believing in ourselves and believe that things are going to turn."