STEP-BY-STEP ANSWER:
Step 1: The cycle begins with the follicular phase, where rising levels of FSH promote the growth of ovarian follicles and the production of estrogen.
Step 2: A surge in LH triggers ovulation, releasing a mature egg from the dominant follicle.
Step 3: The luteal phase follows, during which the corpus luteum produces progesterone and estrogen to prepare the uterine lining for potential implantation.
Step 4: If fertilization does not occur, the fall in hormone levels leads to menstruation, resetting the cycle.
Final Answer: The menstrual cycle is composed of distinct phases—follicular, ovulation, luteal, and menstruation—each regulated by intricate hormonal changes primarily involving FSH, LH, estrogen, and progesterone.