The Owls went down 2-1 to a side rooted to the bottom and who had until this game not registered a win.
Wednesday may have been unfortunate not to have won a penalty when Kieran Lee was adjudged to have dived when he looked to have been brought down by David Wheater, however that would have papered over the cracks of a poor performance by Carvalhal's side.
When Sam Hutchinson's own goal put the home side 2-0 up and then Gary Madine hit the post as Bolton looked like they could have run riot, many of the Owls supporters who had once again turned out in superb numbers, noticeably turned on the manager.
'We want Carlos out!' echoed from the away stand, though there were also a great number booing in what seemed like an attempt to drown out the dissenters.
Carvalhal recogised the anger felt by the fans and said he felt the same but also attempted to offer context, pointing out that they remain just four points away from the top six.
"The fans are unhappy and they have reasons to be unhappy," he said. "I agree with them because I am unhappy.
"But we are not far from the first positions and all teams are losing points, it is a very hard competition. We still believe we can achieve promotion this season."