AWS t2.micro EC2 instance running JetBrains YouTrack on port 80. Cannot access YouTrack on public IP

I have installed IntelliJ YouTrack running on port 80 on a Windows Server 2012 t2.micro EC2 instance on AWS.

I am able to access YouTrack when I remote desktop into the machine and enter http://localhost or http:// or http://. Therefore I know the application is up and running on the expected port.

I have whitelisted my ip by adding the relevant inbound rule under the security group settings for the instance.

I was assuming that was the only necessary step to allow inbound connections to that specific port. However I cannot access YouTrack when I enter the public IP of the instance on my web-browser from the whitelisted IP. Also what I find more confusing is when I try to enter http:// within the remote desktop of the instance, I am still unable to connect.

What am I missing for enabling incoming connections to a port on my EC2 t2.micro instance?

I appreciate all the advice.