Is this wire keeping me from starting my truck

[Gpaw44]

My 86 GMC 305 will not start. I have replace the ignition module , coil was checked and shows to be good. Cap and rotor looked to have quite a bit of wear so they were replaced, still will not start. After all back together I notice a wire that near the top of the firewall that had the insulation burned off. This wire connects 2 red wires. At the top where it is bolted it is written 14 gage fsable. With the ignition on, and my test light I jumped from the bolt on the firewall down near where the one wire connects to the 2 wires and I did not get a signal. Is this connected to the ignition? I am going to replace just would like some reassurance!

I attached a jumper wire to the bolt and and down near the 2 wires and it still would not start. Any suggestions why I am not getting a spark. Thanks

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[Frankenchevy]

Which wire? Circle it.

 

[Turbo4whl]

The wire that is burnt is a fuseable link. Some how too much current passed through and burnt the link. That is what it was designed to do. You need that replaced and also find where there was a short to ground or an accessory that has shorted.