The woman is flashing a peace sign.
The woman is holding a sign.
"a peace sign." and "a sign." are different. A peace sign is a hand sign, while holding a sign implies the woman is holding an object.
exists e1 x1 x2 x3.(n_woman(x1) & Theme(e1,x2) & Actor(e1,x1) & v_flash(e1) & n_sign(x2) & of(x2,x3) & n_peace(x3))
exists e1 x1 x2.(n_woman(x1) & Theme(e1,x2) & Actor(e1,x1) & v_hold(e1) & n_sign(x2))