With a Title like that, one might expect, in the endgame, to have to drive a route around the grid using N, S, E & W as turning points in a Manhattan-style grid. Maybe it has a New York theme?

Or perhaps, with Direction in the Title, it is about films? After all, the circled letters can be jumbled to make OSCARS. It must be about a film that won loads of Oscars. Hmm.
Hold on a moment! Isn’t that the Twitter-craze, based on the old peg-game Mastermind, hiding in the grid? Nice touch using the word TERM to show where it finishes.

You know the one, Bickle I think it is named, where right letters in the right place get coloured Green and right letters in the wrong place get coloured Yellow. Or was it Black & White, I forget. So that means we might have a Black in one and a Yellow in another. Aren’t they the colour of taxis in different major cities? I’m confused 😉
Cheers,
Tim / Encota
PS More seriously, what a great puzzle! Many thanks to Artix