A shunt is simply a voltage drop measuring device. It can tell you how much current is passing through it from how much voltage drop there is. If you don't pass all current though it, it will show no load., so what you show is wrong. Direction should not matter except you might see (-) instead of (+). I suspenct "smart" shunt just means it has a plug on it instead of terminals, so the direction would be important. You might look at Bogartengineering.com. The Trimetric is a whole lot easier to understand. I am a solar guy who lives off grid. Handybobsolar
From appearances, it looks like, you need to move the thick black cable over to the other connection. Power needs to go thru the shunt, so that it can be in the circuit, and not outside of it.
Of course, I do not know what this is, but i do have a Degree in electronics. If a meter indicates short between two big bolts, than that is my answer.
Turns out my Solar guru did want me to 180 the smart shunt so I will get a better usage reading. I am going to do a whole stand alone on the Victron Smart Shunt when the project is complete.
Murphy's Law #1. If some one can connect something the wrong way, they will!