7 modules is the limit, and even then you need to check the power budget to be sure you don't overload the CPU power output. It is worth looking at what modules you are using, you can get some which are 16 digital in and 16 digital out (or even 32 in and out). If you replace an 8 in and out with a 16 in and out you gain extra I/O with using extra expansion modules spaces.
Bryan