It is correct to bow to the altar and not genuflect to the Blessed Sacrament in the tabernacle during Mass.
From the 2002 General Introduction to the Roman Missal (GIRM) which can be accessed from
romanrite.com/girm.html :
“274. … If, however, the tabernacle with the Most Blessed Sacrament is present in the sanctuary, the priest, the deacon, and the other ministers genuflect when they approach the altar and when they depart from it, but not during the celebration of Mass itself.”
According to the Ceremonial of Bishops,
“72 A deep bow is made to the altar by all who enter the sanctuary (chancel), leave it, or pass before the altar.”
(Ceremonial of Bishops, Liturgical Press, 1989, ISBN 0-8146-1818-9, page 37.)
The 2002 GIRM is not as specific about when to bow to the altar, but it does nothing to change this instruction in the Ceremonial of Bishops. It has in 2002 GIRM:
“275. … b. A bow of the body, that is to say a profound bow, is made to the altar;”.