IIRC, you couldn't counter the wrath once the instant is played (at least as of say 1998-ish rules interpretation).
I play Wrath. I can counter now, or let it resolve. You play instant effect. I can counter, but can't counter the wrath anymore. I'm pretty sure that's how it worked.
I play Wrath. I can counter now, or let it resolve. You play instant effect. I can counter, but can't counter the wrath anymore. I'm pretty sure that's how it worked.