A saying synonymous with no homo used by homophobes & closed minded teens. Seriously, is there a need to declare how hetero you are? Do gay people say "no hetero" or "no Obama" or whoever the fuck is hetero, just because closed minded people assume they're str8? No. So grow up kiddies :)
Shawn: Bro im lyk sooo str8! No Elton k? No Elton!
Jake: Dude why are you making a big deal as if it matters if you're gay or bi or not? Get over your homophobia.
No Elton is another way for saying "No homo." This is usually only used around people who actually know who Elton John is. For those of you who don't, he's a gay pianist and singer. Hence why "Elton" is in the place of "homo."