100% correct! Examples: I am drinking too much wine *right now*. I shouldn't be doing that. I eat sweets every day. I shouldn't do that.

I shouldn't do that... can refer to what is happening now. Example: a child is doing something wrong or dangerous and mother says, "I shouldn't do that!" It's a warning to stop what the child is doing at that moment. The full sentence would be, "I shouldn't do that if I were you!"