How to enable or browse web service running on EC2 on local machine?

I have EC2 instance that has port forwarding enabled for EMR cluster. Ganglia monitoring service is already running on EMR. I am able to browse Ganglia from EC2 instance with following using "text browser" Lynx.

lynx http://localhost:5000/ganglia

However, I want to access this service from my local machine ( Mac Yosemite ). I did some research and found that I need X11 port forwarding. So now I also have X11 port forwarding enabled.

echo $DISPLAY 

gives me following on EC2 instance

localhost:14.0    

I am also able to run "xclock" and it launches clock on my local machine.

I tried to ssh into EC2 instance with this syntax .

 ssh -C -c blowfish -N -L:1050:myEc2Server:5000 myUser@myEc2Server

Then if I type http://ift.tt/1DER5sv in google chrome I get message saying no data received.

Can anyone point out what is going wrong ? I tried verbose log from local machine to Ec2 instance and it has following message -

channel 2: open failed: connect failed: Connection refused

In short, I want to be able to see Ganglia from local machine. Any help is appreciated.

~Cheers