Or perhaps deeper than Tintotera (1977)?
Right at the beginning of the "shot on video" era of Mexploitation cinema (Videohome films) Cardona picks up the "shark as psychosexual symbol" once more this time with crude visuals that resemble pornographic material produced at the time with similar equipment and format, along with a nasty corporeal degradation as well (BDSM and sexual transgressions). But Cardona is far more impressionistic in this one, both in it´s narrative and montage. Unusually dreamy and otherworldly, raw textures and familiar locations in its primitive visuals help make the settings identifiable for audiences (probably one of the first videohome movies to use the medium for this purpose). Characters lost in the vast voidness of the ocean (the setting as an extension of the character´s mind, better explored in Tintorera). Dilatation of cinematic time and spatial discolocations via stock footage and anti-continuity. Disruptions that take the movie into the field of the abstract and aethereal but that might lose normal viewers, even more so than Tintotera.