I'm not sure I really understand the intention behind this photo. Is this the V for victory sign as used by Churchill? Where is the irony that the title hints at? Is this a pun on the title, where the shade is the shadow thrown by the hand? For propaganda, the image is not in any way hard-hitting enough as the message is unclear and ambiguous.
I'm not a fan of the burnt out highlights on the left side of the frame, and the noise levels in the shadow detract from the picture IMO.
The black and white works well here, and I like the tonal contrasts that can be found in the hand and arm.
In conclusion, I don't think the photo's message is communicated clearly enough for this to be an effective example of propaganda. I think you also need to watch out for overexposed highlights... I loved your shot of the child with dog which also sadly had burnt out highlights.