I think you're about right with 110 links, 109 would be too tight. Some photos I have show even more track sag than what you have, but if you compare photos available online, I think you are OK with what you have. You might want to add two bolts to either side of the armored shield on the barrel, they are apparently missing from the kit. You also seem to have a tight link on the right side above the second wheel, causing the tracks to bow slightly upward, might want to tweak that one.
I'm assuming this is the re-tooled Italeri kit? I'm a bit puzzled why they removed the hull MG to back-date the vehicle to a early Ferdie, but left the later, rebuilt verison's cupola on the roof.