I have enabled "TRACE" for discover plugin and here is the log:
[2016-07-12 00:30:39,377][INFO ][env ] [ip-172-29-1-44-data] heap size [15.8gb], compressed ordinary object pointers [true]
[2016-07-12 00:30:40,563][DEBUG][discovery.zen.elect ] [ip-172-29-1-44-data] using minimum_master_nodes [1]
[2016-07-12 00:30:40,913][DEBUG][discovery.ec2 ] [ip-172-29-1-44-data] using host_type [PRIVATE_IP], tags [{}], groups [[sg-xxxxxx]] with any_group [true], availability_zones [[]]
[2016-07-12 00:30:40,914][DEBUG][discovery.zen.ping.unicast] [ip-172-29-1-44-data] using initial hosts [127.0.0.1, [::1]], with concurrent_connects [10]
[2016-07-12 00:30:40,922][DEBUG][discovery.zen ] [ip-172-29-1-44-data] using ping_timeout [3s], join.timeout [1m], master_election.ignore_non_master [false]
[2016-07-12 00:30:40,925][DEBUG][discovery.zen.fd ] [ip-172-29-1-44-data] [master] uses ping_interval [1s], ping_timeout [30s], ping_retries [3]
[2016-07-12 00:30:40,938][DEBUG][discovery.zen.fd ] [ip-172-29-1-44-data] [node ] uses ping_interval [1s], ping_timeout [30s], ping_retries [3]
[2016-07-12 00:30:41,250][DEBUG][discovery.ec2 ] [ip-172-29-1-44-data] using host_type [PRIVATE_IP], tags [{}], groups [[sg-xxxxxx]] with any_group [true], availability_zones [[]]
[2016-07-12 00:30:41,250][DEBUG][discovery.ec2 ] [ip-172-29-1-44-data] using host_type [PRIVATE_IP], tags [{}], groups [[sg-xxxxxx]] with any_group [true], availability_zones [[]]
[2016-07-12 00:30:41,252][INFO ][node ] [ip-172-29-1-44-data] initialized
[2016-07-12 00:30:41,252][INFO ][node ] [ip-172-29-1-44-data] starting ...
[2016-07-12 00:30:41,546][INFO ][transport ] [ip-172-29-1-44-data] publish_address {172.29.1.44:9300}, bound_addresses {172.29.1.44:9300}
[2016-07-12 00:30:41,561][TRACE][discovery.zen ] [ip-172-29-1-44-data] starting an election context, will accumulate joins
[2016-07-12 00:30:41,562][TRACE][discovery.zen ] [ip-172-29-1-44-data] starting to ping
[2016-07-12 00:30:42,477][TRACE][discovery.ec2 ] [ip-172-29-1-44-data] building dynamic unicast discovery nodes...
[2016-07-12 00:30:42,477][DEBUG][discovery.ec2 ] [ip-172-29-1-44-data] using dynamic discovery nodes []
[2016-07-12 00:30:42,480][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_1#}{127.0.0.1}{127.0.0.1:9300}
[2016-07-12 00:30:42,480][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_2#}{127.0.0.1}{127.0.0.1:9301}
[2016-07-12 00:30:42,482][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_4#}{127.0.0.1}{127.0.0.1:9303}
[2016-07-12 00:30:42,482][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_5#}{127.0.0.1}{127.0.0.1:9304}
[2016-07-12 00:30:42,482][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_3#}{127.0.0.1}{127.0.0.1:9302}
[2016-07-12 00:30:42,483][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_6#}{::1}{[::1]:9300}
[2016-07-12 00:30:42,485][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_7#}{::1}{[::1]:9301}
[2016-07-12 00:30:42,485][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_8#}{::1}{[::1]:9302}
[2016-07-12 00:30:42,487][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_9#}{::1}{[::1]:9303}
[2016-07-12 00:30:42,487][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] connecting (light) to {#zen_unicast_10#}{::1}{[::1]:9304}
[2016-07-12 00:30:42,508][TRACE][discovery.zen.ping.unicast] [ip-172-29-1-44-data] [1] failed to connect to {#zen_unicast_3#}{127.0.0.1}{127.0.0.1:9302}
ConnectTransportException[[][127.0.0.1:9302] connect_timeout[30s]]; nested: ConnectException[Connection refused: /127.0.0.1:9302];
at org.elasticsearch.transport.netty.NettyTransport.connectToChannelsLight(NettyTransport.java:1008)