In the eyes of Nietzsche, a society of masters ruling over slaves has been succeeded by the society of the average man, the man of the masses, where only slaves are to be found. The author of Zarathustra stood for a new aristocracy, no longer based on birth, nor on money, nor (as the Nazi interpretation would have it) on power, even less on race, but on the free spirit who is not afraid of solitude. It's because he would like every one of us to rise above himself and above the "herd" that Nietzsche is hostile both to socialism (he sees any collectivism as another type of gregariousness), and to anarchism (an "autonomous herd", as he calls it in Beyond Good & Evil).
As far as we are concerned here, the flaw in Nietzsche's vision does not lie in his elitism, which is undeniable (in that respect, the Third Reich did not distort his writings too much). More basically, a solution which is neither historical nor political, but mythical and poetic, can only have meaning and value as an artist's morals. Nietzschean politics can't be recuperated because they do not exist. He was not dealing with the social question. His ethics are only to be lived out by the individual, at the risk of losing his mind, as happened to the philosopher himself.