| No that's not 'wrong'
I usually do it at about hte 23rd or 24th fret on my bass, and I have no problems with it.
generally speaking however, you may find you can get a little more punch if you do it just off the fretboard because then your thumb can really dig in on way up.
I have known people that do it all over, there is no correct way, each way is different, and will give you a slightly different sound, but whatever is comfortable and doesn't hurt your wrist is good.
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"You are a bunch of ****ers that use a metronome." - tomangelripper
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