Nope - you're 100% wrong, I'm afraid.
'Elected' was based on the band's own song 'Reflected' which was on their 1969 album, 'Pretties for You', released a full year before Hendrix's song.
Really I didn't know that?
Billy Cox who was Jimi's bass player during late 1969 and the
Band of Gypsy's era in the all black heavy funky rock band (along with Buddy Miles the drummer) throughout 1970 claimed that one day in 1970 Billy started to play the sounds of BIG BEN the clock chimes in London on his bass and Jimi picked up his guitar and told Billy to keep on playing that bass pattern and they 'jammed up' the song
Dolly Dagger which first appeared on the posthumous Hendrix album Rainbow Bridge in later 1971.