Get yourself a stack of fire arrows and build some embankments/fortifications to fight the elder. Preferably on a small hill, clear some trees to get a good line of sight. Stagger some wooden walls, not long, just 1-2 sections. Doesn't have to be terribly elaborate nor should it. Dont bother with the spikes though, just the big wooden fort fence. You can duck behind them and give yourself time to regen stamina and dodge his attacks. Imho combat engineering is your strongest weapon.

And yea wolves are kinda janky...despawn a lot