Possible but not obvious, yet. Not showing it at E3 doesn't make sense if the game is far off and it goes against Nintendo's tradition. There was one point in the Wii U's life where Nintendo obviously felt the need to announce a bunch of games well ahead of time (X, Fire Emblem, Yoshi), but they were desperate, Nintendo normally has no more then a 12month turnover period from announcement to release.
Zelda probably isn't coming in the summer 2016. 3-6month delays is what we get when a team needs time to polish, to perfect what they already have. Exploring and Implementing new gameplay experiences is a whole other ball game.
I wouldn't at all be surprised if it launch alongside Nintendo's new platform, but I wouldn't bet on it either. No one initially expected the game this year, there was so much doubt that Nintendo had to specifically reinforce its release date. Now that its delayed we're essentially back where we started, so I don't see it as reasons to jump to conclusions when everyone kind of expected a 2016 release to begin with.
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