Take the subspace U spanned by v,Yv,Y2v,…,Ynv . I claim that U⊂V is a subrepresentation.
Classifying SU(2) representations
Review
We have seen that for every complex representation R:SU(2)→GL(V) we get a Lie algebra representation R𝐂*:𝔰𝔩(2,𝐂)→𝔤𝔩(V) (by complexifying R* ; we'll usually omit the superscript 𝐂 and sometimes even the R* ). We have a basis H=(100-1),X=(0100),Y=(0010) of 𝔰𝔩(2,𝐂) which satisfy the commutator relations [H,X]=2X,[H,Y]=-2Y,[X,Y]=H.
We've seen that V=⊕Wm where Wm={v∈V:Hv=mv} , and that X:Wm→Wm+2 and Y:Wm→Wm-2 . The spaces Wm are called weight spaces and the m s are called weights.
We depict this by drawing a weight diagram with a blob at each integer point m for which Wm≠0 (and somehow indicating the dimension of Wm ).

Highest weight vectors
Pick a vector v∈Wm where m is the weight that is furthest to the right in the diagram. Such a weight exists because V is finite-dimensional. Act on v using the matrices R*X , R*Y , and R*H (which we're now calling X , Y and H for brevity). Because V is a representation, all vectors we obtain in this way are again in V .
Xv=0 because Xv∈Wm+2=0 , so we may as well start by applying Y a bunch of times to obtain the following elements: Ynv,Yn-1v,…,Y2v,Yvv. Here, I've ordered these elements by increasing weight: each time we apply Y we decrease weight by 2 , so Ykv∈Wm-2k . Also, let's define n to be the biggest power of Y we can apply before we get zero, that is: Ynv≠0,Yn+1v=0. (Again this n is guaranteed to exist because V is finite-dimensional).

If V is irreducible then this implies V=U . In other words, any irreducible representation of SU(2) has a weight diagram that looks like a string of dots spaced out in twos (Wm-2n,…,Wm-4,Wm-2,Wm with each weight space 1-dimensional (spanned by Ykv for some k ).
To check that U is a subrepresentation, we need to check that if u∈U and we apply X , Y or H to u then the result is still in U . We will check this for u running over the basis v,Yv,Y2v,…,Ynv .
If we apply Y to Ykv then we get Yk+1v , and all these vectors are still in U .
If we apply H to Ykv we get (m-2k)Ykv because Ykv∈Wm-2k . Again, this stays in the subrepresentation U .
If we apply X , there is a formula which we will prove separately: XYkv=(m+1-k)kYk-1v. This implies the lemma because it shows XYkv∈U .
The formula
XYkv=(m+1-k)kYk-1v.
Consequences of the formula
We'll prove the formula in a moment, but first here are some remarks.
The formula makes sense because X increases weight by 2 and Ykv∈Wm-2k while Yk-1v∈Wm-2k+2 .
The formula tells us that the irreducible representation with highest weight m is completely determined up to isomorphism by m (i.e. there's a unique irrep with highest weight m up to isomorphism). This is because we know how all the matrices R*X , , act on the basis :
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The only choice we have is picking the vector , but different s differ only by a scale factor as is 1-dimensional, and this just amounts to changing our whole basis by a scale factor.
We can now deduce that is isomorphic to the representation : we've seen both of these have the same weight diagram.
The formula also tells us that (the biggest power of for which but ) is equal to . Therefore the weights in our representations go from down to .
To see why , note that but and , so and hence .
Proof of formula
We now prove the formula We prove it by induction on .
For , and , so both sides agree.
Suppose it's true for all numbers strictly less than . We know that . Since is a representation of Lie algebras this formula is still true if we stick in front of everything (which is good, since we're omitting mention of from the formulae). Let's apply to :
Therefore . Using our formula to evaluate and the fact that , we get which simplifies to give our formula (exercise!).
Once again, the bracket relations in have played a crucial role in the proof.
Summary
With this formula in hand, we have now established these nice facts:
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the weight diagrams of representations are symmetric about the origin
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there's a unique irrep with highest weight , whose weight diagram has 1-dimensional weight spaces with weights (spaced out by 2, starting at and ending at ).
Pre-class exercise
Check that simplifies to give