Here's what I did so far:
1. Install Charles on my mac
2. Connect mac and iPhone to same WiFi network
3. Charles->Proxy->SSL Proxy Settings. Enable for *
4. Charles->Help->Install Charles Root Certificate on a Mobile Device
5. Configure iPhone to proxy to IP provided in step 3.
6. on iPhone, went to chls.pro/ssl and installed root certificate.
The iPhone web traffic shows in Charles, but is still ssl encrypted. What am I missing?
Go to General->About->Certificate Trust Settings and enable full trust for the Charles Proxy certificate.