Veering: a wind that turns clockwise with height. A veering wind is associated with warm air advection and dynamic lifting. It is a form of directional shear which is important for tornado formation.
Backing: a wind that turns counterclockwise with height. A backing wind is associated with cold air advection and dynamic sinking. This type of wind is found behind cold fronts.
From the surface, follow the dry adiabat (darker green line) closest to the air temperature upward. At the same time, follow the saturation mixing ratio line (dashed purple line) closest to the dew point upward until they connect.
The LFC is found when the parcel temperature crosses the environmental temperature and becomes warmer than the environment.
The EL is found when the parcel crosses the environmental temperature and becomes colder than the environment.
The large gap between the environmental temperature and the parcel temperature is the amount of CAPE (Convective Available Potential Energy).
Via the NWS:
CAPE values of less than 1000 J/kg represent weak instability
CAPE values of 1000 - 2500 J/kg represent moderate instability
CAPE values of 2500 - 4000 J/kg represent strong instability
CAPE values of greater than 4000 J/kg represent extreme instability
https://www.weather.gov/ilx/swop-severetopics-CAPE#:~:text=CAPE%20is%20expressed%20in%20joules,than%204000J%2Fkg%20extreme%20instability.