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."
Guy 1: If I were a girl, would you date me?
Guy 2: Definitely man.
Guy 1: *Looks at guy 2 weirdly*
Guy 2: No Elton man...
Guy 1: Oh
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