NEW ZELDA TRAILER

[Dr. V]

To quote Zeldauniverse.net

It is currently -very- insecure where exactly in the timeline the game takes place. The translator in the roundtable said a couple of decades after Ocarina of Time, whereas some sources claim that this is a translation error and that it is infact a couple of decades after The Wind Waker.

So there's no way to know for sure, but this backs up my claim that it is a direct sequal to Wind Waker.