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Recent Errata has sheds further light on the issue.

The PHB errata Update from 08/31/2017

Long Rest (p. 186). The first sentence of the rule now reads, “A long rest is a period of extended downtime, at least 8 hours long, during which a character sleeps for at least 6 hours and performs no more than 2 hours of light activity, such as reading, talking, eating, or standing watch.” In addition, you regain at least one Hit Die when you finish a long rest.

Additionally, while not Errata, the Sage Advice Compendium has updated its guidance on the Trance trait to account for the new Long Rest rules wording.

Does the Trance trait allow an elf to finish a long rest in 4 hours? If an elf meditates during a long rest (as described in the Trance trait), the elf finishes the rest after only 4 hours. A meditating elf otherwise follows all the rules for a long rest; only the duration is changed. [This answer has been altered as a result of a tweak to the rules for a long rest, which appears in newer printings of the Player’s Handbook.]

Elves Can complete a long rest in 4 hours, warforged need 8 hours, but less sleep

If you follow this advice from the game designer than I would have Elves be able to complete a long rest in 4 hours if they spend it in a trance with all the other normal rules for long rest applying (except sleeping 6 hours).

Warforged still need to rest for the full 8 hour period, but they can sleep for only 4 hours in their sleep-mode vs 6 hours races other than elves require.

Yes, elves can complete a long rest in 4 hours.

Errata has shed further light on the issue.

The PHB errata from 08/31/2017 updated the description of a long rest:

Long Rest (p. 186). The first sentence of the rule now reads, “A long rest is a period of extended downtime, at least 8 hours long, during which a character sleeps for at least 6 hours and performs no more than 2 hours of light activity, such as reading, talking, eating, or standing watch.” 

In addition, you regain at least one Hit Die when you finish a long rest.

Additionally, while not errata, the Sage Advice Compendium has updated its guidance on the Trance trait to account for the new wording of the Long Rest rules:

Does the Trance trait allow an elf to finish a long rest in 4 hours? If an elf meditates during a long rest (as described in the Trance trait), the elf finishes the rest after only 4 hours. A meditating elf otherwise follows all the rules for a long rest; only the duration is changed. [This answer has been altered as a result of a tweak to the rules for a long rest, which appears in newer printings of the Player’s Handbook.]

If you follow this official ruling, then elves can complete a long rest in 4 hours if they spend it in a trance, with all the other normal rules for long rest applying (except needing to sleep for 6 hours).

Recent Errata has shed futher light on the issue.

The PHB errata Update from 08/31/2017

Long Rest (p. 186). The first sentence of the rule now reads, “A long rest is a period of extended downtime, at least 8 hours long, during which a character sleeps for at least 6 hours and performs no more than 2 hours of light activity, such as reading, talking, eating, or standing watch.” In addition, you regain at least one Hit Die when you finish a long rest.

Additionally, while not Errata, the Sage Advice Compendium has updated its guidance on the Trance trait to account for the new Long Rest rules wording.

Does the Trance trait allow an elf to finish a long rest in 4 hours? If an elf meditates during a long rest (as described in the Trance trait), the elf finishes the rest after only 4 hours. A meditating elf otherwise follows all the rules for a long rest; only the duration is changed. [This answer has been altered as a result of a tweak to the rules for a long rest, which appears in newer printings of the Player’s Handbook.]

Elves Can complete a long rest in 4 hours, warforged need 8 hours, but less sleep

If you follow this advice from the game designer than I would have Elves be able to complete a long rest in 4 hours if they spend it in a trance with all the other normal rules for long rest applying (except sleeping 6 hours).

Warforged still need to rest for the full 8 hour period, but they can sleep for only 4 hours in their sleep-mode vs 6 hours races other than elves require.

Recent Errata has sheds further light on the issue.

The PHB errata Update from 08/31/2017

Long Rest (p. 186). The first sentence of the rule now reads, “A long rest is a period of extended downtime, at least 8 hours long, during which a character sleeps for at least 6 hours and performs no more than 2 hours of light activity, such as reading, talking, eating, or standing watch.” In addition, you regain at least one Hit Die when you finish a long rest.

Additionally, while not Errata, the Sage Advice Compendium has updated its guidance on the Trance trait to account for the new Long Rest rules wording.

Does the Trance trait allow an elf to finish a long rest in 4 hours? If an elf meditates during a long rest (as described in the Trance trait), the elf finishes the rest after only 4 hours. A meditating elf otherwise follows all the rules for a long rest; only the duration is changed. [This answer has been altered as a result of a tweak to the rules for a long rest, which appears in newer printings of the Player’s Handbook.]

Elves Can complete a long rest in 4 hours, warforged need 8 hours, but less sleep

If you follow this advice from the game designer than I would have Elves be able to complete a long rest in 4 hours if they spend it in a trance with all the other normal rules for long rest applying (except sleeping 6 hours).

Warforged still need to rest for the full 8 hour period, but they can sleep for only 4 hours in their sleep-mode vs 6 hours races other than elves require.

Both races receive the benefits of a Long Rest in only 4 hours

In the rules quote about the Elf Feature Trance it explicitly states that you gain the same benefits as a human does from 8 hours of sleep. Since Long Rest specifies a minimum of 8 hours the description of Trance in the rules would then mean that by meditating for 4 hours an Elf receives the exact benefits of sleeping for 8 hours: fulfilling a long rest.

While the Warforged Living Construct feature is less explicit, its wording is very close to that of the Elf Trance feature and just on the D&D Next rules alone should work the same way.

In 4e Warforged have an identical feature

In 4e what D&D Next calls a Long Rest is called an Extended Rest.

Warforged have the Unsleeping Watcher feature.

Unsleeping Watcher: You do not sleep and instead enter a state of inactivity for 4 hours to gain the benefits of an extended rest. While in this state, you are fully aware of your surroundings and notice approaching enemies and other events as normal.

In 4e only Drow have the Trance Feature

Trance (Drow): Rather than sleep, drow enter a meditative state known as trance. You need to spend 4 hours in this state to gain the same benefits other races gain from taking a 6-hour extended rest. While in a trance, you are fully aware of your surroundings and notice approaching enemies and other events as normal.

Recent Errata has shed futher light on the issue.

The PHB errata Update from 08/31/2017

Long Rest (p. 186). The first sentence of the rule now reads, “A long rest is a period of extended downtime, at least 8 hours long, during which a character sleeps for at least 6 hours and performs no more than 2 hours of light activity, such as reading, talking, eating, or standing watch.” In addition, you regain at least one Hit Die when you finish a long rest.

Additionally, while not Errata, the Sage Advice Compendium has updated its guidance on the Trance trait to account for the new Long Rest rules wording.

Does the Trance trait allow an elf to finish a long rest in 4 hours? If an elf meditates during a long rest (as described in the Trance trait), the elf finishes the rest after only 4 hours. A meditating elf otherwise follows all the rules for a long rest; only the duration is changed. [This answer has been altered as a result of a tweak to the rules for a long rest, which appears in newer printings of the Player’s Handbook.]

Elves Can complete a long rest in 4 hours, warforged need 8 hours, but less sleep

If you follow this advice from the game designer than I would have Elves be able to complete a long rest in 4 hours if they spend it in a trance with all the other normal rules for long rest applying (except sleeping 6 hours).

Warforged still need to rest for the full 8 hour period, but they can sleep for only 4 hours in their sleep-mode vs 6 hours races other than elves require.