I have been told (and read) that the Otis should not be used to determine IQ but only as a screening tool and it does fluctuate greatly, however, over time it averages out. The WISC IV or similar would give a much more accurate reflection as possible for this age group. With this said, however, at an early age, results may significantly fluctuate with these tests as well. In most, albeit not all, situations the child's true abilities/IQ will be determined around the fourth grade (the third grade is known as the great equalizer). By the third or fourth grade you will better appreciate your child's innate abilities with regards to giftedness - unless you have a prodigy on your hands.

Good luck! (I am struggling with similar issues)